Oil prices hit their highest level since 2014 on Tuesday, with investors worried about a possible supply disruption after attacks in the Middle East added to an already tight outlook.
Brent crude rose $1.03, or 1.2%, to close at $87.51 a barrel. US crude (WTI) rose $1.61, or 1.9%, to close at $85.43 a barrel.
Both benchmarks hit their highest since October 2014.
Concerns over the offer increased this week after Yemen’s Houthi group attacked the United Arab Emirates, escalating hostilities between the Iran-aligned group and a Saudi-led coalition.
“The damage to the UAE’s oil facilities in Abu Dhabi is not significant in itself, but raises the question of even more supply disruptions in the region in 2022,” said Louise Dickson, senior oil markets analyst at Rystad Energy.
On Tuesday, OPEC maintained its forecast of robust growth in world oil demand in 2022 despite the Omicron variant and expected interest rate hikes, predicting that the oil market will remain well supported throughout the year.
Reference: CNN Brasil
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