Oil Hits Seven-Year High After Houthi Attack On UAE

 

CNBC: Oil hits seven-year high as Houthi attack on UAE rattles regional tensions 

* The United Arab Emirates has vowed to retaliate against Houthi militants for a deadly attack on its capital Abu Dhabi on Monday that killed three people. 

* International benchmark Brent crude was trading at $87.25 on Tuesday around noon on Wall Street, its highest level since 2014. 

* The UAE is the world’s seventh-biggest oil producer, pumping just over 4 million barrels per day. 

DUBAI, United Arab Emirates — The United Arab Emirates has vowed to retaliate against Houthi militants for a deadly attack on its capital Abu Dhabi on Monday that killed three people, as fresh tensions in the region helped push oil prices to their highest level in seven years. 

“We condemn the Houthi militia’s targeting of civilian areas and facilities on UAE soil today,” the UAE’s Ministry of Foreign Affairs said in a statement following the attacks. “We reiterate that those responsible for this unlawful targeting of our country will be held accountable.” 

The ministry added that the UAE “reserves the right to respond to these terrorist attacks and criminal escalation.”  

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Update #1: Oil Jumps To Highest Level Since 2014 On UAE Drone Attack (OilPrice.com) 

Update #2: A drone attack in Abu Dhabi could mark a dangerous turning point for the Middle East. Here's what to know (CNN)  

WNU Editor: If trends continue the price of oil will exceed even this prediction .... Oil prices will surge to $100 this year, Goldman Sachs warns (CNN).