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Oil prices on Tuesday climbed to their highest since 2014 as possible supply disruption after attacks in the Mideast Gulf added to an already tight supply outlook.
Brent crude futures rose 77 cents, or 0,9 percent, to US$87,25 a barrel at 6:05 pm. US West Texas Intermediate (WTI) crude futures rose $1,25, or 1,5 percent, to $85,07 a barrel. Trade on Monday was subdued because of a US public holiday.
During the session, both benchmarks touched their highest since October 2014 with Brent at US$88,13 and WTI at US$85,74.
Supply concerns mounted this week after Yemen’s Houthi group attacked the United Arab Emirates, escalating hostilities between the Iran-aligned group and a Saudi Arabian-led coalition.
After launching drone and missile strikes that set off explosions in fuel trucks and killed three people, the Houthi movement warned it could target more facilities, while the UAE said it reserved the right to “respond to these terrorist attacks.” — Reuters.
Online Reporter