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Oil Climbs With Geopolitical Unrest Returning as Market Tightens -Breaking

by Mike Robinson

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© Reuters. Oil Prices Rise as Geopolitical Unrest Reigns and Market Tightens

(Bloomberg — Oil prices rose amid geopolitical tensions that erupted in the Middle East, and fears about the potential demand impacts of the omicronvirus variant.

Yemen’s Houthi fighters claimed to have launched drone strikes on the United Arab Emirates — the third biggest OPEC producer — that caused an explosion and fire on the outskirts of the capital Abu Dhabi, leaving three people dead. Futures in New York rose 0.5% from Friday’s close to trade above $84 a barrel. Because of Martin Luther King Jr. Day holidays, Monday saw no settlement. 

Crude has made a red-hot start to the year on stronger than expected demand that’s helped to tighten the market. As global aviation continues to weather the impact of the micron, segments across the oil industry are showing their strength.

One of the biggest attacks to date on UAE soil ignited a fire at Abu Dhabi’s main international airport on Monday and set fuel tanker trucks ablaze in a nearby industrial area. The attack took place just days after Houthi-backed fighters in Iran warned Abu Dhabi not to intensify its air campaign against them.

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