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Oil prices soar to 2014 highs

After yesterday's rather sluggish performance, crude prices are back on an upward trajectory today, retracing to highs not seen since 2014. By the time of writing, the Brent price was up 1.31% at $87.61/bbl, while WTI was trading 1.75% higher at $85.29/bbl.

This morning’s rally appears to be driven by turmoil in the Middle East: last night, Yemeni Houthi rebels launched a drone attack against an oil storage facility and an airport in Abu Dhabi. And today, a coalition of Arab states, led by Saudi Arabia, which also previously suffered from attacks by the Houthis, announced the start of round-the-clock airstrikes against the Yemeni capital Sanaa.

Brent is closing in on $88/bbl, but a slight downward correction could set in at this level.

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