North Sea crude oil hits $87, highe...
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North Sea crude oil hits $87, highest since 2014, WTI hits $85 amid UAE attacks
(Bloomberg): Brent futures for the representative North Sea crude oil continued to rise in daytime trading on the 18th in the Asian time zone, and the March contract temporarily rose 1.2% to $87.55 per barrel, 2014. It was the highest price since October.
Rising geopolitical tensions in the Middle East were a factor as concerns about the impact on demand of the spread of the novel coronavirus Omicron strain eased.
Three people died in explosions and fires in the vicinity of Abu Dhabi, the capital of the United Arab Emirates (UAE), the third largest oil-producing country of the Organization of the Petroleum Exporting Countries (OPEC), in an attack believed to be a drone. The Yemeni Houthi militants claimed the execution.
Pro-Iranian Houthi rebels attack UAE, heightening tensions in Gulf region
The West Texas Intermediate (WTI) February delivery on the New York Mercantile Exchange (NYMEX) was also up 1.6%, trading at $85.19.
"Market sentiment remains positive and the attack on the UAE simply provided further price boost," said Warren Patterson, head of product strategy at ING Group. "Supply disruptions mean a tighter-than-expected squeeze in the oil market."
Original title: Brent Oil Climbs to 2014 High as Geopolitical Unrest Returns (excerpt)
(c)2022 Bloomberg L.P.
Elizabeth Low
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