Benchmark oil prices climbed to their highest level in seven years on Tuesday amid disruptions to supplies caused by COVID-19 and attacks in the Middle East.
The price for Brent crude rose by 1.6% to nearly $88 per barrel, its highest mark since late 2014. The price for the U.S. crude benchmark, West Texas Intermediate, was up more than 2% to over $85 per barrel.
“Oil prices continue to trend higher,” ING analysts Warren Patterson and Wenyu Yao said in a Sunday, according to S&P Global.
“Concerns over tightness in the oil market continues to support prices, although the market appears to be ignoring several developments in recent days.”
Ongoing military tensions between Russia and Ukraine and security concerns over attacks in the Middle East have helped to push prices higher.
On Monday, Houthi rebels attacked the United Arab Emirates capital of Abu Dhabi, killing three people. The Iran-backed Houthis have waged a civil war in Yemen for years against the Saudi- and UAE-supported Yemeni government.
Analysts say the higher prices may prompt the world’s leading oil-producing countries to take action to bring prices back in line.
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“Benchmark oil prices climbed to their highest level in seven years on Tuesday amid disruptions to supplies caused by COVID-19 and attacks in the Middle East.” Actually, that is due to the incompetence of PINO, Joe DiSaster.
LET’S GO BRANDON
LGBFJB!! Let’s all sing it!
Oil Prices Rise To Highest Levels In 7 Years
Tinkerbell Barrack PinocchiObama was president 7 years ago and “Let’s Go Brandon” was vice president.
Here we are again, but “Let’s Go Brandon” is now the puppet president and Barrack Obama is his puppeteer.
It’s supply and demand. Biden cut down American supply while world demand skyrocketed so PREDICTABLY the cost went up. Like Obama, Biden inserts monkey wrenches into the American economy while enriching US enemies Putin and the OPEC Muslim states. America has another Dem President working against them.
Simple solution for an actual building back of America is to reopen the Government owned lands Joe shut down for oil drilling, start rebuilding the pipelines and the border fence and he might just save his legacy, but Joe loves his imaginary power and hatred of Donald Trump more than he loves THE PEOPLE. He is the American version of radical PLO lslamists who hate Israeli’s more than they love a future for their own children. His policies are killing the future of our own children. in debt and lost energy. Joe indeed is fit to lead the American party of hate and fear, right down the drain-pipe of D.C. A true sign of an American Terrorist unchained trying to socially chain the AMerican Atlas.
ITS Because those solutions are simple, JOE WON’T think of them..