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Oil prices climb over Red Sea tensions

Oil prices climb over Red Sea tensions

Oil prices rose significantly following threats from groups affiliated with Iran against shipping lanes in the Red Sea, undermining hopes of calming the war with Iran and resuming regional oil flows. Brent crude increased by 1.35% to $80.43 per barrel, while West Texas Intermediate rose by 0.59% to $76.22, after the Houthi group launched a missile targeting a Saudi oil tanker near Yanbu. These events have heightened concerns about the stability of global oil supplies, especially amid ongoing conflicts and geopolitical tensions in the region. Iran has denied any peace negotiations, and US data showed that oil inventories increased by approximately 2.7 million barrels last week.

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