Crude Oil Futures

Crude oil prices have reached 7-year high with Brent approaching $90 a barrel, if the current momentum of the upward trend remains this way. As of 10:00 GMT, the price of WTI and Brent stood at $86.52 and $87.73 respectively. The rising energy prices and the inevitable inflation that stems from the former have already left the Western political leaders in a costly political lurch. The IEA, International Energy Agency, which discouraged the future investment in fossil fuels on a grand scale last year, now implies that the oil producers need to take some responsibility for the current energy crisis; for instance, according to the IEA, the OPEC+ added just 60% of what it planned to do – last month. The producers, while not denying that is the case, blame the failure on the lack of investment, among a few more grievances. The rising energy prices have cast an ominous global shadow, hampering the progress of many economies in the world that try to come out of the economic shock su

The suspected drone attack at the heart of the UAE, United Arab Emirates, has escalated the prevailing tension in the region to a dangerous new level, with repercussions directly affecting the energy markets. In the aftermath of the attack, the crude oil price rose in the international markets. As of 09:50 GMT, the price of WTI and Brent were $85.37 and $87.55 respectively. The UAE has been enjoying peace for decades despite being in the middle of a highly volatile region – up until the serious drone attack on Monday. The reports say three foreign nationals died in the attack: two Indians and a Pakistani national while 6 sustaining injuries. The foreign minister of the UAE vowed retaliation and being true  to his words, the Arab coalition launched air strikes against the Houthis in Yemen, which have resulted in fatalities. Saudi Arabia, the world’s largest oil exporter, has been coming under drone attacks from Houthis for years; the latter usually fire them across the borde