He Petroleum rose 3% on Friday, after USA and United Kingdom carried out air and sea attacks against rebel military targets Houthis in Yemenin response to attacks by the group backed by Iran against navigation in the Red Sea.
The attack added to market concerns about the potential impact a broader conflict would have on Middle East on the region’s oil supplies, especially those moving through the critical Strait of Hormuz.
“If a large portion of the Strait of Hormuz flows were stopped, it would have up to three times the impact of oil price shocks. Petroleum of the 1970s and more than double the impact of the war Ukraine in gas markets, affecting already fragile supply chains and stock levels,” said Saul Kavonic of MST Marquee to the Reuters agency.
At 10:30 GMT, the Brent crude oil futures rose 2.34 dollars, or 3.05%, to 79.77 dollars per barrel, and those of the West Texas Intermediate (WTI) in the United States they gained $2.35, or 3.26%, to $74.35. The day before, the benchmark indices rose almost 1%, pointing to a second consecutive weekly rise.
The American and British attacks are one of the most dramatic demonstrations to date since the escalation of the war between Israel and Hamas which broke out in October. witnesses in Yemen confirmed explosions throughout the country.
Houthi attacks in the Red Sea are complicating international trade on the key route between Europe and Asia, which represents about 15% of world maritime traffic. The shipping giant Maersk and others are diverting ships, warning customers of further disruptions.
The U.S.-led strikes also closely follow Iran’s seizure Thursday of a tanker carrying Iraqi crude oil destined for Türkiyein retaliation for Washington’s confiscation of the same ship and its crude oil last year.
Source: Ambito
