Oil Jumps To Highest Level Since 2014 On UAE Drone Attack

Oil jumped to a seven-year high early on Tuesday, the day after Iran-aligned Houthis attacked targets in the United Arab Emirates (UAE) with drones, adding to the continued tightness in the oil market to lift prices. As of 8:04 a.m. EST on Tuesday, WTI Crude was up 1.20% at $84.90. Brent Crude traded at $87.20, up 0.76%, having risen to $87.80 earlier in the day and hitting the highest price since October 2014. Apart from the numerous signs of tightness in the physical crude market, oil futures reflected on Tuesday the growing risk premium after…