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Oil hits over 7-year high on political risks, supply crunch

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Reuters UK

By Swati Verma BENGALURU (Reuters) – Oil prices extended gains to their highest levels in over seven years on Friday as ongoing global political turmoil fanned concerns over tight supply. The benchmark contracts are on track for their sixth straight weekly rise, the longest run of gains since October. Brent futures rose $1.25, or 1.4%, to $90.59 a barrel by 11:09 am ET (1609 GMT), having hit their highest level since October 2014 at $91.70. U.S. West Texas Intermediate (WTI) crude futures gained $1.05, or 1.2%, to $87.66 a barrel after hitting an over seven-year high of $88.84. Supply scarcity…

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