Oil prices hit 7-year high on security jitters
Security worries drove oil prices to a seven-year high on Tuesday (January 18).
They were pushed up by supply concerns following an attack on the United Arab Emirates by Yemen's Iran-backed Houthi group.
Drone and missile strikes set off explosions in fuel trucks.
The Houthi movement has also warned it could target more facilities, while the UAE says it reserves the right to respond to what it called terrorist attacks.
Adding to worries for global oil traders are rising tensions between major producer Russia and Ukraine.
Moscow has deployed tens of thousands of troops along Ukraine's border, but denies plans to attack.
Meanwhile talks with western states last week did not reach any breakthrough.
Yet more concerns over oil supply are on the way after some OPEC nations said they were struggling to pump enough oil to reach targets due to underinvestment and outages.
The oil producers' group and allies are due to raise output by 400,000 barrels per day each month.
They're gradually reversing cuts made in 2020, when demand collapsed during global lockdowns.
U.S. benchmark crude was up around 1% Tuesday, trading at close to $85 per barrel.
