Oil prices rose for a fourth day to a seven-year high as an outage on a pipeline from Iraq to Turkey increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates.
Brent crude futures rose $1.44, or 1.7 per cent, to $88.95 a barrel at 8 am, adding to a 1.2 per cent jump in the previous session. The benchmark contract climbed to as much as $89.05, its highest since October 13, 2014.
US West Texas Intermediate (WTI) crude futures climbed $1.51, or 1.8 per cent, to $86.94 a barrel, adding to a 1.9 per cent gain on Tuesday. WTI earlier jumped to a high of $87.08, its highest since October 9, 2014.
