Crude oil remained traded strongly at a 7 -year high as concerns about geopolitical tensions in the Middle East continued to plague black commodity markets.
Ahead of the opening of the European session, Brent crude futures traded higher at $ 88.30 a barrel, while US WTI trading strengthened at $ 85.80 a barrel.
Both crude oil benchmarks have touched their latest highs since October 2014 in Wednesday’s trading session.
Market concerns over supplies continued to rise after a group of Yemeni Houthi rebels attacked the United Arab Emirates (UAE), OPEC’s third -largest oil producer.
Meanwhile Russia, OPEC’s second -largest producer has organized its military forces on the Ukrainian border, raising concerns that it will launch an attack that will inevitably trigger intervention from the United States.
Meanwhile, the flow of crude oil through the Kirkuk-Ceyhan pipeline was resumed after it was stopped on Tuesday due to an explosion near the pipeline in Turkey's southeastern province of Kahramanmaras.
