Prices of crude oil benchmarks climbed to their highest level since 2014 on Tuesday amid concerns of possible supply disruption after attacks in the Mideast Gulf.
Brent crude oil futures rose 1.19% to $87.50 a barrel while U.S. West Texas Intermediate (WTI) futures jumped to $85.12 a barrel up by 1.59%.
Supply concerns escalated after Yemen’s Houthi group attacked the United Arab Emirates, escalating hostilities between the Iran-aligned group and a Saudi Arabian-led coalition
Additionally, according to Reuters, Goldman Sachs analysts said they expected oil inventories in OECD countries to fall to their lowest since 2000 by the summer, with Brent oil prices rising to $100 later this year.
