Argon continued to rise, to the highest level since 2014

LAST UPDATE 22:40

Oil prices continued to rise on Tuesday, climbing to higher levels since 2014 as investors watched with concern the latest attacks in the Middle East for possible supply disruptions.

Concerns erupted this week after an attack by Yemeni Houthi rebels on Abu Dhabi International Airport and a nearby industrial facility in the United Arab Emirates killed three people.

The Houthi rebels also warned of new attacks, while the UAE stressed that it reserved the right “to respond to these terrorist attacks”.

The attacks and the escalation of tension in the region have significantly increased the geopolitical risks, analysts point out. The UAE is the eighth largest oil producer in the world. The picture is further aggravated by the escalation of tensions between Ukraine and Russia, which is a member of OPEC +.

In this climate, the crude for February delivery gained $ 1.61 or 1.9% and completed trading at $ 85.43 a barrel.

Brent March added $ 1.03, or 1.2%, to $ 87.51 a barrel on ICE Futures.

Both contracts closed at the highest level since October 2014.

Goldman Sachs, meanwhile, revised up its price estimates to a spot price of $ 105 a barrel for the Brent spot in 2023, with commodities moving to $ 96 a barrel in 2022.

“Strong fundamentals have reversed the collapse of prices since last year, with the market still experiencing a large deficit as the impact of the micron mutation has so far been smaller (and probably shorter) compared to Delta, with the exception of of China, “the bank’s analysts said in a statement on Monday.