The price of oil hit its highest level in more than seven years on Tuesday as traders worried that an attack on a fuel storage facility in the Middle East could affect supply.
A suspected drone attack by Yemeni Houthi rebels in the United Arab Emirates blew up three fuel tankers.
Three people were killed in the attack on Monday near Abu Dhabi airport.
A Saudi-led coalition retaliated with airstrikes on the Yemeni capital of Sanaa, killing as many as 20 people.
The surging price of oil is also thought to be partly down to growing optimism for a speedy global economic recovery from the coronavirus pandemic, which would increase demand for fossil fuel.
Concern about the attacks on the oil-rich state, twinned with expectations for a surge in demand, sent prices to their highest level since October 2014.
Brent crude, which is the international benchmark for oil prices, rose almost 1% to hit $87.22 a barrel. Price rises were even steeper in the US, where West Texas Intermediate crude increased by 1.3% to $84.89 a barrel.
And there are already concerns that increases in the cost of oil could further contribute to a cost-of-living squeeze.
