Brent oil climbs to 2014 high as geopolitical unrest returns

European benchmark crude Brent surges to a seven-year high on heightened demand and amid concerns spurred by an alleged drone strike on the United Arab Emirates.

Photo: Nick Oxford/Reuters/Ritzau Scanpix

Brent oil extended gains to the highest level in seven years as geopolitical tensions stirred in the Middle East and concerns about the demand impact of the Omicron virus variant eased.

Yemen's Houthi fighters claimed to have launched a drone strike on the United Arab Emirates – the third biggest OPEC producer – that caused an explosion and fire on the outskirts of the capital Abu Dhabi. West Texas Intermediate oil also briefly rose above USD 85 a barrel, the first time since October.

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