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Iranian MP Alireza Salimi: The Shura Council has approved a resolution to suspend Iran’s cooperation with the International Atomic Energy Agency.
Political aide to the governor of Gilan Province in northern Iran: Air defenses in Rasht shot down a small hostile drone flying over the city
Israeli media: The presence of General Qaani at the “victory celebrations” in Tehran puts an end to the rumors and earlier reports claiming he had been assassinated
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Israeli media: Netanyahu and Trump celebrated too soon, as US intelligence says Iran’s uranium stockpile was not damaged
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Early US intel assessment suggests strikes on Iran did not destroy nuclear sites, CNN reports, citing sources
Israeli media platform: An additional soldier has been confirmed killed in the serious incident in Gaza, who had previously been considered "missing" for some time
Pezeshkian: History will not forget how Iran’s enemies broke their pledges and agreements, resorting to aggression and invasion even during negotiations

Oil prices at a record high since 2014

  • By Al Mayadeen Net
  • Source: Agencies
  • 18 Jan 2022 18:27
2 Min Read

The price of a barrel of West Texas Intermediate crude in futures contracts reached $85.25 after it reached $85.74 in Asian trading, the highest level recorded since October 2014.

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  •  Oil prices are at their highest level since 2014
    Oil prices are at their highest level since 2014

On Tuesday, benchmark oil prices rose to their highest level since 2014, owing to the possibility of supply disruption following attacks in the Middle East Gulf, which contributed to an already tight supply outlook.

At 14:46 GMT, Brent crude futures were up $0.74, or 0.9%, to $87.22 per barrel. WTI crude futures in the United States rose $1.07, or 1.3%, to $84.89. Due to a federal holiday in the United States, trading was light on Monday.

Concerns about supply have grown this week when Yemen's Armed Forces attacked the UAE, in response to an ongoing aggression on Yemen. 

Geopolitical tension

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After launching drone and missile strikes that set off explosions in fuel trucks and killed three, Ansar Allah Movement warned it could target more facilities, while the UAE said it reserved the right to "respond to these terrorist attacks."

After an incident at its Mussafah fuel depot, UAE oil giant ADNOC said it has triggered business continuity procedures to ensure an uninterrupted supply of products to its local and international clients.

Rising tensions between Ukraine and OPEC+ member Russia are also adding to geopolitical price surcharges.

OPEC struggles

Furthermore, several members of the Organization of Petroleum Exporting Countries (OPEC) are straining to meet their monthly quotas under an agreement with Russia and allies to add 400,000 barrels per day.

OPEC will release its January oil market report at 12:30 GMT.

"The consensus is that the situation will not improve in the foreseeable future and oil demand growth together with supply constraints is inevitably leading to a tighter oil balance," said PVM analyst Tamas Varga.

Oil stocks in OECD countries are expected to fall to their lowest levels since 2000 by the summer, according to Goldman Sachs analysts, with Brent oil prices increasing to $100 later this year.

  • OPEC
  • OPEC+
  • West Texas
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  • UAE
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  • United States
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