International benchmark Brent crude was trading at $87.75 on Tuesday at 11 a.m. in Abu Dhabi, its highest level since 2014.
International benchmark Brent crude futures rose 1.6% to $87.89 a barrel on Tuesday morning, while U.S. West Texas Intermediate futures jumped more than 2% to hit $85.56 during early morning deals. Both oil contracts notched their highest level since Oct. 2014 after a subdued trading day on Monday as U.S. markets were closed for a public holiday.
. The rising threat of a further deterioration in the Middle East's security climate has provided further support to oil prices, prompting some to forecast a return to triple digits.Yemen's Houthi rebels claimed responsibility for the attack, which took place Monday morning and caused fires that resulted in three petroleum tanker explosions near state oil firm ADNOC's storage facilities.
Attacks by Houthi rebels — with whom the UAE has been at war in Yemen since a Saudi-led coalition began bombing the country in 2015 — have been common in Saudi Arabia, but this is the most significant strike by Houthis in the UAE, and is the first in the country since 2018.
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