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Oil hits 7-year high as Houthi attack on UAE ratchets up regional tensions

Brent tests $88-mark on possible supply issues

Abu Dhabi, fuel depot in Abu Dhabi, Abu Dhabi Attack, Houthi militants
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In this satellite image provided by Planet Labs PBC, smoke rises over a fuel depot in Mussafah neighbourhood of Abu Dhabi

Elizabeth Low and Grant Smith | Bloomberg
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.

Benchmark oil prices climbed to their highest level since 2014 on Tuesday as possible supply disruption after attacks in the Mideast Gulf added to an already tight supply outlook.

Brent crude futures rose $1.02, or 1.2%, to $87.50 a barrel by 0924 GMT, while US West Texas Intermediate (WTI) crude futures jumped $1.36, or 1.6%, to $85.18

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