Oil is trading at highs since October

Oil prices continued to rise on Tuesday – Brent crude oil quotes exceeded the level of $89 per barrel for the first time since October last year.

During the day, the asset showed some correction: the current price of Brent is $88.61 per barrel. North American WTI crude is trading near $84.83 after rising to $85.40 per barrel. 

The market is supported by geopolitical concerns caused by increased tensions in the Middle East after the Israeli airstrike on the Iranian embassy in Syria. 

In addition, the decline in oil exports by the Mexican state-owned company Pemex in the coming months raises concerns about oil shortages.

News from OPEC+ is also expected in the oil market. The alliance states, which will hold a regular meeting on April 3, are likely to maintain current restrictions on oil production.