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Oil prices on Tuesday climbed to their highest since 2014 - $100-per-barrel oil is not out of reach, OPEC sources say. The investors worried about global political tensions involving major producers such as the United Arab Emirates and Russia that could exacerbate the already tight supply outlook. The risk added a premium to prices during the session, following Yemen's Houthi group attack on the UAE - the Houthi movement has warned of the targeting against more facilities. ADNOC said it had activated business continuity plans to ensure uninterrupted supply of products to its local and international customers after an incident at its Mussafah fuel depot. 

Oil hit 7-year highs as tight supply bites

Oil prices on Tuesday climbed to their highest since 2014 – $100-per-barrel oil is not out of reach, OPEC sources say. The investors worried about global political tensions involving major producers such as the United Arab Emirates and Russia that could exacerbate the already tight supply outlook. The risk added a premium to prices during the session, following Yemen’s Houthi group attack on the UAE – the Houthi movement has warned of the targeting against more facilities. ADNOC said it had activated business continuity plans to ensure uninterrupted supply of products to its local and international customers after an incident at its Mussafah fuel depot. 

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