# Oil hit 7-year highs as tight supply bites

> Oil hit seven-year highs as tight supply and geopolitical risk added a premium to prices. Brent settled at $87.51 a barrel and WTI at $85.43 after gains of about 1-2%.

- Date: 2022-01-18 · published 2022-01-18T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/43301-oil-hit-7-year-highs-as-tight-supply-bites
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher crude raises diesel and fertilizer-linked input costs for feed producers and can pull biofuel-linked oil demand higher, supporting vegetable oil and feed ingredient prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-rises-more-than-7-year-high-mideast-tensions-2022-01-18/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.