Brent oil price hits highest level since 2014

By Ovunc Kutlu

NEW YORK

The price of Brent crude on Tuesday hit its highest level since December 2014, as rising tensions in the Middle East are threatening supply security in the region.

The international benchmark climbed to as high as $71.33 per barrel at 1455 EST (1855 GMT), marking its highest level since Dec. 3, 2014, according to official data.

American benchmark West Texas Intermediate (WTI) rose to as much as $65.86 a barrel at 1515 EST (1915 GMT) -- its highest level since March 27.

With tensions rising over Syria, the Middle East has become yet again the center of attention for investors who have taken a strong buying position in the global oil market.

In addition, possible military action by the U.S. and Saudi Arabia in Syria creates a high risk for safe production and exports of crude oil from the region and the kingdom, which could keep upward pressure on crude prices, experts warned.

Meanwhile, the possibility of a trade war between the U.S. and China fell after Chinese President Xi Jinping's conciliatory announcement, softening worries that the oil demand of both countries could get hurt in a potential trade war.

On Tuesday, Brent crude rose 3.5 percent, while WTI gained 3.4 percent overall.