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Oil Hits 7-Year High As Deadly Attack on UAE Depot Sparks Gulf Tensions

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The Street

By Martin Baccardax A Houthi-lead drone strike on oil facilities in the UAE has global crude prices trading at the highest levels in seven years Tuesday. Global oil prices surged to a seven year high Tuesday as investors reacted to a deadly attack on oil facilities in the middle east, rising political tensions between Russia and the Ukraine and near-term bets on post-pandemic energy demand. Houthi rebel troops from Yemen, allegedly aligned with Iran, attacked the Mussafah oil depot outside of Abu Dhabi in the United Arab Emirates on Monday, killing at least three people amid a long-running mil…

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