LONDON: Global oil benchmark Brent on Tuesday rose above $89 a barrel for the first time since October, albeit briefly, as oil supplies faced fresh threats from Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East.

Brent futures for June delivery were up $1.35, or 1.5 per cent, at $88.76 a barrel by 11:40 a.m. EDT (1540 GMT) after touching a peak of $89.08.

US West Texas Intermediate (WTI) crude futures for May rose $1.27, or about 1.5pc, to $84.98 after touching a peak of $85.46, also the highest since October.

A Ukrainian drone struck one of Russia’s biggest refineries on Tuesday in an attack that Russia initially said it repelled.

Published in Dawn, April 3rd, 2024

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