Oil settles up on supply threats, hits 2024 highs

Brent futures for June delivery settled up US$1.50, or 1.7%, at US$88.92. US West Texas Intermediate (WTI) crude futures for May settled up US$1.44, or about 1.7%, to US$85.15.

WASHINGTON: Oil prices settled higher on Tuesday after a session in which Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East pushed the Brent benchmark above US$89 a barrel for the first time since October.

Brent futures for June delivery settled up US$1.50, or 1.7%, at US$88.92 after touching a peak of US$89.08.