LONDON: On Tuesday, the price of Brent, the benchmark for global oil, temporarily exceeded $89 per barrel for the first time since October as new threats to oil supplies included Ukrainian attacks on Russian energy installations and the increasing Middle East crisis.
After peaking at $89.08, Brent futures for June delivery were up $1.35, or 1.5%, at $88.76 a barrel by 11:40 a.m. EDT (1540 GMT).
US West Texas Intermediate (WTI) oil futures for May reached a high of $85.46, also the highest since October, before rising $1.27, or almost 1.5pc, to $84.98.
Tuesday saw an attack on one of Russia’s largest refineries by a Ukrainian drone, which Russia first claimed to have repulsed.
