NEW YORK: Oil touched $90 a barrel for the first time in seven years on Wednesday, supported by tight supply and rising political tensions in Europe and the Middle East that raised concerns about further disruption in an already-tight market.
Brent crude rose $1.67, or 1.9 per cent, to $89.87 by 10:40 a.m. EST (1540 GMT), after hitting $90.02, the first time the global benchmark has broken that level since October 2014. U.S. West Texas Intermediate (WTI) crude was up $1.69, or 2 per cent, to $87.28.
