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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.
The "new geopolitical tension added to ongoing signs of tightness across the market," ANZ Research analyst said in a note.
Brent crude futures rose $1.01, or 1.2%, to $87.48 a barrel by 0316 GMT, after earlier hitting a peak of $87.55, their highest since Oct. 29, 2014.
GAS PRICES SEEING 'CALM BEFORE THE STORM,' GASBUDDY ANALYST WARNS
U.S. West Texas Intermediate (WTI) crude futures jumped $1.32, or 1.6%, from Friday's settlement to a three-month high of $85.14 a barrel. Trade on Monday was subdued as it was a U.S. public holiday.
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."