On Tuesday, oil prices climbed to their highest since 2014 as investors worried about global political tensions involving major producers such as the United Arab Emirates and Russia could exacerbate the already tight supply outlook. The risk added a premium to prices during the session. Brent crude futures rose $1.03, or 1.2%, to settle at $87.51 a barrel. US West Texas Intermediate (WTI) crude futures ended $1.61, or 1.9%, higher at $85.43 a barrel.
Crude prices rose to their highest level since the 2014 shale-induced oil crash, a milestone in a rally that is gathering momentum as geopolitical tensions threaten to knock supply.
Futures for West Texas Intermediate, the main grade of U.S. crude, added $1.61 per barrel, or 1.9%, to $85.43 on Tuesday. That marks the highest closing level since October 2014, when oil prices were moving in the opposite direction as a gusher of U.S. crude flooded the market.
Both benchmarks touched their highest since October 2014 and some OPEC sources stated that $100-per-barrel oil is not out of reach. 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.
