Oil Prices have hit seven-year highs this week, as fear grows among traders that demand will outstrip supply later this year. Hitting $89 per barrel on Tuesday, Brent Crude is being driven up by a slow return to pre-pandemic production rates from OPEC+ members, many of which are lacking resources to get oil production infrastructure back up and running. Total spare capacity among members was forecast to reach “historically low levels” of about 1.2 million barrels per day this summer, according to Goldman Sachs. Capacity concerns have been compounded by supply disruptions in Libya, as well as a drone attack on Monday near an oil depot in the UAE by Yemen’s Houthi rebels. Australia’s Fortescue Metals Group – one of…