Oil rises to more than 7-year high on Mideast tensions
Oil prices rose on Tuesday to a more than seven-year high on worries about possible supply disruptions after Yemen’s Houthi group attacked the United Arab Emirates, escalating hostilities between the Iran-aligned group and a Saudi Arabian-led coalition.
The “new geopolitical tension added to ongoing signs of tightness across the market,” ANZ Research analyst said in a note.
Brent crude futures were up 44 cents, or 0.5 per cent, at $86.92 a barrel at 0230 GMT, after earlier hitting a high of $87.00, their highest since October 30, 2014.
US West Texas Intermediate (WTI) crude futures jumped 81 cents, or 1 per cent, from Friday’s settlement to $84.62 a barrel, just off a more than two-month high of $84.78 hit earlier. Trade on Monday was subdued as it was a US public holiday.
