Crude oil futures hit levels not seen since October 2014 on Tuesday after Saudi Arabia retaliated for yesterday's deadly attack on United Arab Emirates' petroleum facilities and an airport that Houthi forces in Yemen claimed responsibility for.
Riyadh's assault reportedly led to at least 23 deaths, including a number of civilians, seemingly causing concern among global oil market participants that the conflict could escalate further and result in more instability in the oil-rich Middle East.
West Texas Intermediate (WTI) for settlements in February was 1.31% higher to sell for $85.39 per barrel at 2:00 am ET, while Brent for deliveries in March grew 1.47%, going for $87.81 per barrel at the same time. Both prices were the highest in more than seven years.
