SINGAPORE :Oil prices rose more than $1 on Tuesday to a more than seven-year high on worries about possible supply disruptions after Yemen's Houthi group attacked the United Arab Emirates, escalating hostilities between the Iran-aligned group and a Saudi Arabian-led coalition.
Brent crude futures rose $1.01, or 1.2per cent, to $87.48 a barrel by 0316 GMT, after earlier hitting a peak of $87.55, their highest since Oct. 29, 2014. After launching drone and missile strikes which set off explosions in fuel trucks and killed three people, the Houthi movement warned it could target more facilities, while the UAE said it reserved the right to"respond to these terrorist attacks".
CommSec analysts said oil prices were being supported by colder winter temperatures in the northern hemisphere which were driving up demand for heating fuels.
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