Oil prices rose by more than 1% on Tuesday, and reached the highest level since 2014 amid heightened concerns about supply after the attacks in the Middle East Gulf.
Yemen's Houthi group attacked the United Arab Emirates, which caused an escalation of hostilities. After the drone and missile strikes, the Houthi movement warned that it could strike other targets, while the UAE said it could "respond to these terrorist attacks."
The price increase is also associated with increased tensions between Russia and Ukraine. In addition, some OPEC producers are unable to increase oil production due to a lack of spare capacity.
"It is unlikely that the situation will change for the better in the near future, so the oil market is likely to continue to tighten," PVM said.
According to Goldman Sachs forecasts, by the summer, oil reserves in OECD countries will fall to the lowest level since 2000, as a result of which Brent oil quotes may reach $100 at the end of 2022.