NextGen Day

On Tuesday, oil prices soared to their highest level in seven years, owing to supply concerns following an attack by Yemen’s Houthi rebel group on Abu Dhabi, as well as supply interruptions caused by several OPEC+ members’ failure to meet their monthly quotas.

At 0636 GMT, international benchmark Brent crude was trading at $87.50 per barrel, up 1.18 percent from the previous session’s close of $86.48 per barrel.

At the same time, the American benchmark West Texas Intermediate (WTI) was trading at $84.55 a barrel, up 1.50% from the previous session’s close of $83.30 per barrel.

Both benchmarks have risen by more than $1 as tensions in the United Arab Emirates (UAE) have risen following the explosions of three fuel tanker tankers in the industrial Musaffah region of Abu Dhabi earlier on Monday.

A building site at Abu Dhabi International Airport also caught fire.

The Houthi rebels claimed to have carried out a military operation “deep in the UAE,” but did not elaborate.

The UAE has stated that it reserves the right to respond to the Houthi attack and has promised that it will not be tolerated.

Since 2015, the UAE has been a member of a Saudi-led coalition fighting Houthi rebels in Yemen.

Shrinking supplies has also aided higher prices, as several members of the Organization of Petroleum Exporting Countries and Allies (OPEC+) are struggling to fulfill their monthly production targets, with less oil pumped than the anticipated 400,000 barrels per day.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---