Rising Middle East Tensions Push International Oil Prices to 7-Year High... WTI Up 1.9%

[Asia Economy New York=Special Correspondent Joselgina] International oil prices have reached their highest level in about seven years due to concerns over geopolitical tensions in the Middle East.

On the 18th (local time) at the New York Mercantile Exchange (NYMEX), the February West Texas Intermediate (WTI) crude oil price closed at $85.43 per barrel, up $1.61 (1.92%) from the previous session. This is the highest level since October 13, 2014.

At the London ICE Futures Exchange, Brent crude also traded at around $87.90 per barrel, up 0.4% from the previous day, marking the highest level since October 2014.

This follows the attack by the Yemen rebel group Houthi, allied with Iran, using drones to strike the international airport and oil facilities in Abu Dhabi, United Arab Emirates (UAE), heightening geopolitical concerns in the Middle East region.

Bloomberg reported, "The attack by the Yemen rebels has further increased concerns about supply disruptions as a geopolitical risk." The UAE is the world's eighth-largest oil producer.

Warren Patterson, a strategist at ING, said, "This risk has emerged amid many concerns in the market, including heightened tensions over Russia's invasion of Ukraine," adding, "Along with concerns about OPEC's supply and demand, this is supporting the upward trend in oil prices."