Oil prices hit 7-year highs as tight supply bites – The Peninsula Qatar

Oil prices hit 7-year highs as tight supply bites – The Peninsula Qatar

London: Benchmark oil prices climbed to their highest level since 2014 on Tuesday as possible supply disruption after attacks in the Mideast Gulf added to an already tight supply outlook.

Brent crude futures rose $0.88, or 1%, to $87.36 a barrel by 1154 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped $1.23, or 1.5%, to $85.05 a barrel. Trade on Monday was subdued as it was a U.S. public holiday.