Oil climbs to more than 7-year high on Mideast tensions, tight supply | Reuters
Oil prices rose more than $1 on Tuesday to a more than seven-year high on worries about possible supply disruptions after Yemen's Houthi group attacked the United Arab Emirates, escalating hostilities between the Iran-aligned group and a Saudi Arabian-led coalition. read more
The "new geopolitical tension added to ongoing signs of tightness across the market," ANZ Research analyst said in a note.
Brent crude futures rose $1.37, or 1.6%, to $87.85 a barrel by 0738 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped $1.71, or 2%, from Friday's settlement to $85.53 a barrel. Trade on Monday was subdued as it was a U.S. public holiday.
Both benchmarks climbed to their highest levels since October 2014 on Tuesday.
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