International Oil Prices Hit Highest in 7 Years Again... WTI Up 1.79%

[Asia Economy New York=Special Correspondent Joselgina] International oil prices have reached their highest level in over seven years.

On the 19th (local time) at the New York Mercantile Exchange (NYMEX), the February West Texas Intermediate (WTI) crude oil price closed at $86.96 per barrel, up $1.53 (1.79%) from the previous session. This is the highest level since October 8, 2014.

International oil prices have reached their highest level in seven years, leading to a significant rise in domestic fuel prices as well. The photo shows a gas station in Seoul last year. Photo by Moon Honam munonam@

This follows heightened geopolitical risks such as Russia's threat to invade Ukraine and the attack on United Arab Emirates (UAE) oil facilities by Yemen's Houthi rebels, along with news of an explosion on the oil pipeline from Iraq to Turkey.

However, it has been reported that this explosion was not due to an attack.

Additionally, the International Energy Agency (IEA) raised its 2022 oil demand forecast in its monthly report to 3.3 million barrels per day, an increase of 200,000 barrels per day. This level is back to pre-pandemic (global pandemic) standards.

Meanwhile, Brent crude on the London ICE Futures Exchange is trading slightly lower at around $88.07 per barrel compared to the previous day’s seven-year high.

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