Oil touched $90 a barrel for the first time in seven years on Wednesday, supported by tight supply and rising political tensions in Russia that raised concerns about further disruption in an already-tight market.
Brent crude rose $2.02, or 2.3%, to $90.22 by 11:21 a.m. EST (1621 GMT), the first time the global benchmark has broken $90 since October 2014. US West Texas Intermediate (WTI) crude was up $2.09, or 2.4%, to $87.69.
US President Joe Biden said on Tuesday he would consider personal sanctions on President Vladimir Putin if Russia invades Ukraine. On Monday, Yemen’s Houthi movement launched a missile attack on a United Arab Emirates base.
