Oil prices reach highest point in seven years
High oil prices are a victory for Saudi Arabia, but a blow to the United States and China.
Oil prices reached their highest point since 2014 today.
The price of Brent crude opened above $87 a barrel. Brent crude is widely considered the benchmark for global oil prices.
Oil prices plummeted in April 2020 amid the COVID-19 pandemic but have since rebounded. The Organization of the Petroleum Exporting Countries (OPEC) and Russia repeatedly met in 2020 and 2021 to regulate oil production in an effort to bring prices back up.
OPEC and Russia are collectively known as OPEC+, and Saudi Arabia is the largest oil producer in OPEC. Saudi officials are pleased with the high prices.
