Brent crude prices climbed to a seven-year high on Tuesday, Jan.18, after hitting $86.84 in Asian trade.
That’s the highest level since October 2014.
Renewed geopolitical tensions, growing optimism about demand, and easing concerns about the Omicron COVID-19 variant are the factors fuelling the oil rally.
The oil price rally comes after Yemen’s Houthi rebels claimed attacks in Abu Dhabi that triggered a fuel tank blast killing three people on Monday and warning of more attacks.
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UAE also said that it “reserved the right to respond to these terrorist attacks”.
The news stoked concerns about supplies from the crude-rich region.
Brent and West Texas Intermediate have climbed more than 10 percent so far this year as investors become increasingly confident that the demand will increase as the world slowly returns to normal and economies reopen.
