Oil prices are quickly approaching $90 as geopolitical uncertainties continue to mount. Over the past week, drone attacks against targets in the UAE and escalating tensions between Russia and Ukraine have taken center stage in oil markets. The energy market has reacted to the increase in risk and uncertainty with a significant geopolitical premium. Oil prices have continued their early-year surge in the new year, thanks in large part to easing worries about omicron as well as tight oil and gas supplies amid growing geopolitical uncertainties. Front-month Brent reached USD 89.05 per barrel (bbl) in early trading on 19 January, the highest level since 13 October 2014. Brent settled at USD 87.51/bbl, a w/w increase of USD 3.79/bbl. WTI rose USD 4.21/bbl w/w to USD 85.43/bbl, while the value of the OPEC basket of crude oils rose by USD 5.95/bbl to USD 88.08/bbl and by EUR 5.52/bbl to EUR […]