London CNN —The global price of oil rose Tuesday to its highest level in seven months, propelled, in part, by concerns that mounting tensions in the Middle East could crimp supply.
Brent crude, the world’s oil benchmark, climbed as much as 1.8% to $89 a barrel, the highest since early September, before paring those gains slightly mid-afternoon in Europe.
Meanwhile, West Texas Intermediate crude, the US benchmark, also rose 1.8% to reach a five-month high of $85 a barrel.
“You’ve got ongoing Ukrainian attacks on Russian refineries… Houthi attacks on shipping in the Red Sea,” as well as a “general sense that the Middle East is less stable than it was a year ago,” he told CNN.
Geopolitical tensionsWriting about higher oil prices Tuesday, Sophie Lund-Yates, lead equity analyst at financial services company Hargreaves Lansdown, singled out escalating geopolitical tensions in the Middle East following an airstrike on Iran’s embassy in Syria Monday.
Persons:
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Organizations:
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Locations:
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