Because of political fears and lack of supplies… Oil hits its highest level in 7 years

Oil prices rose on Friday to their highest level in more than seven years, as ongoing global political turmoil raised concerns about a supply shortage.

And oil prices were on the way to achieving gains for the sixth consecutive week, in the longest series of weekly gains since last October.

Brent crude futures rose 69 cents, or 0.77%, to settle at $90.03 a barrel, then reached $91.70, the highest level since October 2014.

West Texas Intermediate crude futures rose 21 cents, or 0.24%, and settled at $86.82 a barrel. It reached its highest levels in more than 7 years.

The major producers in the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia in what is known as “OPEC Plus”, are seeking to raise their production levels.

The market was also affected by the attacks launched by the Yemeni Houthi movement on the UAE. Oil prices have fueled fears of a possible military conflict in Ukraine, which could disrupt energy markets, especially natural gas supplies to Europe.

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