Oil prices hit seven-year highs on Mideast concerns, tightening supply

Instability in the Middle East and tightening supply helped push oil prices to their highest levels in more than seven years on Tuesday morning in the US.

West Texas Intermediate crude was selling at $85.06 per barrel, an increase of $1.24, or 1.48%, over Friday’s close. That was the highest WTI price since late September 2014.

Brent crude was up 64 cents, or .73%, to $87.14 per barrel. That was the highest price recorded for Brent since early October of 2014.