Brent crude futures rose 61 cents, or 0.7%, to $86.88 a barrel this morning after touching a session high of $87.27 a barrel earlier, reversing a 1.8% fall in the previous session.
Oil prices reached seven-year highs last week, bolstered by tight worldwide supply and resurgent global demand. In the Middle East, Yemen's Houthi movement, aligned with Iran, launched a missile attack at the United Arab Emirates that targeted a base hosting the US military."Downside risk on the oil market will be limited as any escalations of the situation in Ukraine or the Middle East will cause the prices to skyrocket," said Satoru Yoshida, a commodity analyst with Rakuten Securities.
OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other producers, is struggling to hit its monthly output increase target of 400,000 barrels per day .
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