Will The Oil Price hit $100 a barrel again in coming months?

18th January 2022

Articles are all over the internet predicting increases in the oil price following the attack by Yemen's Houthi group on the United Arab Emirates, escalating hostilities between the Iran-aligned group and a Saudi Arabian-led coalition.

After launching drone and missile strikes which set off explosions in fuel trucks and killed three people, the Houthi movement warned it could target more facilities

Brent, WTI jump over $1/barrel to highest since October 2014.

Middle East tensions add to concerns of short supply.

Goldman sees crude oil inventories falling to lowest since 2000.

Brent crude futures rose $1.02, or 1.2%, to $87.50 a barrel today.

U.S. West Texas Intermediate (WTI) crude futures jumped $1.36, or 1.6%, to $85.18 a barrel.

Increased demand with lack of supply despite agreements to increase production with OPEC are adding to the problems.

Predictions are for the price to rise to $100 a barrel later this year.