Brent jumps above $88 for first time in 8 years after Houthi attack on UAE

Oil prices continued to rise as the US market opened on Tuesday, and hit nearly 8-year highs, resuming gains after taking a pause yesterday, while Brent continues to rise for the third day in a row, rising above Brent $88 for first time in 8 years after the deadly attack by the Houthis group on Abu Dhabi, and the UAE pledged to respond quickly.

US crude rose 1.75% to the highest since October 2014 at $85.72 a barrel, after opening at $84.25, and hit a day low at $84.13, and Brent rose 1.8% to the highest since October 2014 at $88.08 a barrel, after opening at $86.52, and hit a day low at $86.47.

US crude lost 0.2% yesterday, while Brent crude gained 0.3%, in the second straight daily gain.

The United Arab Emirates pledged to respond quickly to the Houthis attack in Abu Dhabi that killed three people on Monday.

The Yemen's Houthi rebels claimed responsibility for the attack that caused fires and the explosion of three oil tankers near the oil tanker storage facility of Abu Dhabi's state-owned energy company, ADNOC.

Emirati police stated that the fires broke out in the Mussafah Industrial Area and at a construction site near Abu Dhabi International Airport, adding that the attack was carried out by drones.

This sparked concerns about geopolitical tensions in the Persian Gulf region, which is the world's largest oil producing region, while the UAE output of around 4 million barrels per day.