2024-01-15T04:44:03+00:00
A-
A
A+
/ Oil prices rose on Monday, amid traders’ anticipation of a possible disruption of supplies in the Middle East after strikes launched by American and British forces on targets of the Houthi group in Yemen to prevent them from attacking ships in the Red Sea.
Brent crude futures rose by 29 cents, or 0.37 percent, to $78.58 per barrel, by 03:24 GMT, after rising 1.1 percent upon settlement on Friday.
US West Texas Intermediate crude recorded $72.84 per barrel, an increase of 16 cents, or 0.22 percent, after rising about one percent in the previous session.
The two benchmarks jumped more than two percent last week to touch their highest levels this year during the session after American and British forces launched dozens of air strikes against Houthi forces in response to months-long attacks on shipping in the Red Sea. The Houthis say that their attacks come in response to the war waged by Israel on Gaza.
Yesterday, Sunday, the Houthis threatened a “strong and effective response” after the United States carried out another strike overnight, which led to escalation of tensions.
The United States later said it shot down a missile fired at one of its ships from Houthi areas in Yemen.
A number of tanker owners stayed away from the Red Sea and several tankers changed their course on Friday after the strikes, although traders are still monitoring Iran’s reaction and its impact on shipments in the Strait of Hormuz, the most important oil corridor in the world.