Brent crude tops $87 a barrel for the first time in seven years

The price of Brent crude exceeded $87 per barrel for the first time since October 2014

The cost of March futures for Brent crude on the London ICE exchange exceeded $87 per barrel, according to trading data.

As of 5:37 Moscow time, North Sea crude is trading at $86.9 per barrel.

The price of Brent oil reached its highest level since October 2014, notes Bloomberg. The agency attributed the rise in prices to increased geopolitical tensions in the Middle East and easing concerns about the impact of the omicron version of the coronavirus on demand. As an example Bloomberg led a drone attack in Abu Dhabi by the Yemeni Houthis.

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