Benchmark oil prices hit 7 year high as attacks in Middle East cause further disruption
Updated: 2022-01-19 08:01:00 KST
Benchmark oil prices hit a seven-year high on Tuesday as supply disruptions after attacks added to an already tight supply outlook.
Brent crude futures rose 1.2 percent to 87 dollars 50 cents a barrel, while U.S. West Texas Intermediate crude futures jumped 1.6 percent to just over 85 dollars.
Both benchmarks hit highs not seen since October 2014.
Analysts expect oil inventories in OECD countries to fall to lows not seen since the year 2000 this summer, with Brent oil prices topping one hundred dollars a barrel later this year.