Brent oil hits highest level in more than seven years

HONG KONG (AFP): Brent crude prices hit their highest level in more than seven years on Tuesday on growing demand optimism, easing concerns about the Omicron Covid variant and geopolitical tensions.

The contract hit $86.84 in Asian trade, a level not seen since late October 2014.

Brent and West Texas Intermediate have climbed more than 10 percent so far this year as investors become increasingly confident that the demand will increase as the world slowly returns to normal and economies reopen.

The latest bump comes after Yemen’s Huthi rebels claimed attacks in Abu Dhabi that triggered a fuel tank blast killing three people Monday, adding that civilians and foreign firms in the United Arab Emirates should avoid “vital installations”.

The news fuelled concerns about supplies from the crude-rich region.