Rising geopolitical tensions in the Middle East have added to market concerns over supply, pushing crude oil prices to a 7 -year high.
In the Asian session, Brent crude futures traded strong at $ 88.44 a barrel, while US WTI strengthened at $ 86.50 a barrel.
Most recently, a suspected drone attack by Yemeni Houthi rebels in the United Arab Emirates (UAE) has blown up three fuel tankers and claimed three lives.
Following that, the Saudi -led coalition responded with airstrikes on the Yemini capital, Sanaa, killing 20 people.
As a result, Houthi rebels warned that it would target more oil facilities while the UAE said it would respond to the attack.
Meanwhile, tensions between Russia and Ukraine have also worsened, after Russian troops were reportedly ready on the Ukrainian border. The White House described the crisis as extremely dangerous and said Moscow could strike at any time.
Meanwhile, the strengthening of prices was also supported by recent market concerns over disruptions on the pipeline from Iraq to Turkey which were affected by an explosion on the system causing Turkish operator Botas to reduce oil flow on the Kirkuk-Ceyhan pipeline.
