Oil prices climbed to their highest level in the last seven years on Tuesday on supply woes after an attack by 365betÌåÓýÔÚÏßÊÀ½ç±â€™s Houthi rebel group on Abu Dhabi, and supply disruptions from the inability of some OPEC+ countries in meeting their monthly quotas.
International benchmark Brent crude was trading at $87.50 per barrel at 0636 GMT for a 1.18% increase after closing the previous session at $86.48 a barrel.
American benchmark West Texas Intermediate (WTI) was at $84.55 per barrel at the same time for a 1.50% rise after trade in the previous session ended at $83.30 a barrel.
Both benchmarks have soared by more than $1 over rising tension in the United Arab Emirates (UAE) after three fuel tanker trucks exploded in the industrial Musaffah area in the capital Abu Dhabi earlier on Monday. A fire also broke out at a construction site at Abu Dhabi International Airport.
Houthi rebels said they carried out a military operation “deep in the UAE,� without giving further details.
The UAE said it reserves the right to respond to the Houthi attack, vowing it will not go unpunished.
The Emirates is a member of a Saudi-led coalition that has been fighting Houthi rebels in 365betÌåÓýÔÚÏßÊÀ½ç± since 2015.
Higher prices have been also supported by shrinking supply, as some member countries of the Organization of Petroleum Exporting Countries and allies (OPEC+) are struggling to meet their monthly production levels, with less oil pumped than the planned 400,000 barrels per day (bpd).
By Sibel Morrow
Anadolu Agency