Brent crude oil hits $88 Oil prices continue to rise

According to the OilNOW website on January 20: On Wednesday (January 19), a fire broke out in the oil pipeline from Iraq to Turkey, temporarily halting oil flow, increasing concerns about the already tight short-term supply outlook, and oil prices rose
.

Oil delivery has resumed on the Kirkuk-Ceyhan pipeline, which transports crude oil from northern Iraq, OPEC's second-largest producer, to the Turkish port of Ceyhan for export
.

A senior security source said the explosion of a pipeline fire in Turkey's southeastern province was caused by a falling power tower, not an attack
.

This week, Yemen's Houthi group attacked the United Arab Emirates
, OPEC's third-largest oil producer.
Supply concerns have intensified
.

Brent crude futures rose 93 cents, or 1.
1 percent, to $88.
44 a barrel
.
The global benchmark index earlier hit $89.
13, the highest level
since Oct.
13, 2014.

U.
S.
West Texas Intermediate crude futures rose $1.
53 to $86.
96 a barrel, the highest level
since Oct.
9, 2014.