Concerns about supply impacts raise oil to near $89. Oil prices rose on the back of additional threats to supplies with renewed Ukrainian attacks on Russian oil facilities.
The worsening crisis in the Middle East as a result of the Israeli aggression on Gaza. Production restrictions imposed by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, coupled with strong expectations for consumption this year, have helped push prices higher. China is the world's largest importer of crude oil while the United States is the largest consumer.