WH Spokesperson: We still have tools at our disposal to deal with rising oil prices

“We still have tools at our disposal to deal with rising oil prices and will engage OPEC as needed,” said White House (WH) Spokesperson, per Reuters.

The US diplomat crossed wires as the energy benchmark rallied to the highest since October 2014 while poking $86.50 at the latest.

On a different page, Turkish state-owned media Botas reported an oil pipeline explosion and fire that carries around 450kb/d of crude oil from Iraq to Turkey.

Market implications

WTI crude oil bulls take a breather around the multi-year high of $86.50 following a stellar rally amid fears of US intervention, as well as fresh chatters concerning Omicron weighing on the global energy demand.

Read: WTI eases back to $85.00 level after hitting fresh multi-year highs near $86.00