2024-01-15T04:44:03+00:00
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/ Oil prices rose on Monday, amid traders’ anticipation of a possible disruption of supplies in the Middle East after US and British forces launched strikes on Houthi targets in Yemen to prevent them from attacking ships in the Red Sea.
Brent crude futures rose 29 cents, or 0.37 percent, to $78.58 a barrel by 0324 GMT, after settling up 1.1 percent on Friday.
U.S. West Texas Intermediate crude was at $72.84 a barrel, up 16 cents, or 0.22 percent, after rising about 1 percent in the previous session.
Both benchmarks jumped more than 2 percent last week to touch their highest levels this year during the session after U.S. and British forces launched dozens of air strikes against Houthi forces in response to months of attacks on shipping in the Red Sea. The Houthis say their attacks are in response to Israel’s war on Gaza.
The Houthis threatened a “strong and effective response” on Sunday after the United States carried out another strike overnight, escalating tensions.
The United States later said it had shot down a missile fired at one of its ships from Houthi territory in Yemen.
Several tanker owners have steered clear of the Red Sea and several tankers have changed course on Friday after the strikes, although traders are still monitoring Iran’s response and its impact on shipments in the Strait of Hormuz, the world’s most important oil chokepoint.