{"id":755760,"date":"2022-01-18T19:00:34","date_gmt":"2022-01-18T19:00:34","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/01\/18\/oil-prices-rise-to-highest-levels-in-7-years-amid-supply-pressures-in-ukraine-middle-east\/"},"modified":"2022-01-18T19:00:34","modified_gmt":"2022-01-18T19:00:34","slug":"oil-prices-rise-to-highest-levels-in-7-years-amid-supply-pressures-in-ukraine-middle-east","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/01\/18\/oil-prices-rise-to-highest-levels-in-7-years-amid-supply-pressures-in-ukraine-middle-east\/","title":{"rendered":"Oil prices rise to highest levels in 7 years amid supply pressures in Ukraine, Middle East"},"content":{"rendered":"

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Jan. 18 (UPI) —<\/span> Benchmark oil prices climbed to their highest level in seven years on Tuesday amid disruptions to supplies caused by COVID-19 and attacks in the Middle East.<\/p>\n

The price for Brent crude rose by 1.6% to nearly $88 per barrel, its highest mark since late 2014. The price for the U.S. crude benchmark, West Texas Intermediate, was up more than 2% to over $85 per barrel.\n<\/p>\n

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“Oil prices continue to trend higher,” ING analysts Warren Patterson and Wenyu Yao said in a Sunday, according to S&P Global.<\/p>\n

“Concerns over tightness in the oil market continues to support prices, although the market appears to be ignoring several developments in recent days.”<\/p>\n

Ongoing military tensions between Russia and Ukraine and security concerns over attacks in the Middle East have helped to push prices higher.<\/p>\n

On Monday, Houthi rebels attacked the United Arab Emirates capital of Abu Dhabi, killing three people. The Iran-backed Houthis have waged a civil war in Yemen for years against the Saudi- and UAE-supported Yemeni government.<\/p>\n

Analysts say the higher prices may prompt the world’s leading oil-producing countries to take action to bring prices back in line.\n<\/p>\n

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Jan. 18 (UPI) — Benchmark oil prices climbed to their highest level in seven years on Tuesday amid disruptions to supplies caused by COVID-19 and attacks in the Middle East. The price for Brent crude rose by 1.6% to nearly $88 per barrel, its highest mark since late 2014. The price for the U.S. crude […]<\/p>\n","protected":false},"author":1,"featured_media":755761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[],"class_list":["post-755760","post","type-post","status-publish","format-standard","has-post-thumbnail","category-world"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/755760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=755760"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/755760\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=755760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=755760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=755760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}