oil prices rallied on wednesday to mark another settlement at their highest since october 2014 weve seen fresh 7year highs for both brent and us crude oil prices as concerns over geopolitical tensions serve to keep a floor under prices while a temporary pipeline outage between iraq and turkey added another layer of complexity to the story for oil prices and serves to keep markets on edge said michael hewson chief market analyst at cmc markets uk the flow of oil through the kirkukceyhan pipeline has resumed following an explosion nearby that led to its shutdown news reports said adding support to oil prices the international energy agency raised its oil demand growth expectations for 2022 february west texas intermediate crude clg22 climbed by 153 or 18 to settle at 8696 a barrel on the new york mercantile exchange that was the highest frontmonth wti contract finish since oct 8 2014 factset data show