Brent crude oil jumps to over 7-year high over Middle East p...| MENAFN.COM

Tuesday, 17 May 2022 11:43 GMT

Brent crude oil jumps to over 7-year high over Middle East pressures


(MENAFN) On Tuesday, crude costs jumped to over USD1 to over seven-year high over concerns regarding likely supply disturbances after Yemen's Houthi movement initiated an attack against the United Arab Emirates, mounting aggressions between the Iran-allied movement and a Saudi Arabian-led intervention.

According to an ANZ Research analyst letter, the "new geopolitical tension added to ongoing signs of tightness across the market."

Brent crude futures soared 85 cents, or 1 percent, to USD87.33 for one barrel by 0525 GMT, after formerly reaching a high record of USD87.55, their highest since Oct. 29, 2014.

U.S. West Texas Intermediate crude futures surged USD1.13, or 1.4 percent, from Friday's close to over two-month record of USD84.95 for one barrel. Monday’s trade was low as it was a U.S. public holiday.

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