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Oil hits $90 a barrel for first time in more than seven years


Oil hits $90 a barrel for first time in more than seven years amid tensions in Ukraine and Yemen


Oil rush: Brent crude rose as high as $90.38 as Western leaders threatened to impose sanctions on Moscow

Oil hit $90 a barrel for the first time in more than seven years as mounting tensions in Europe and the Middle East raised supply concerns.

Brent crude rose as high as $90.47 – a level last seen in October 2014. US president Joe Biden and other Western leaders have threatened to impose crippling sanctions on Moscow after Russia began building up troops on the Ukrainian border.

The Middle East is on edge after Yemen’s Houthi movement launched missiles at a United Arab Emirates base.

In an already tight market, the US is more than 1m barrels short of its record level of daily output, and major oil producer network OPEC+ is having trouble meeting monthly production targets. 

OPEC+ meets on February 2 to consider another output rise.

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