The barrel price of Brent oil rose above $78 for the first time since December 5, 2023. This is evidenced by trading data on the ICE exchange.
As of 16:10 Moscow time, the barrel price of oil futures for February delivery rose to $78.01, while as of 16:15, the oil price continued its rise/fall and reached $78.06 (+1.38%). On the CME exchange, WTI price exceeded $73.22 (+2.01%).
By agency ReutersOil prices are being supported by Houthi attacks on ships in the Red Sea, raising fears of oil supply disruptions. At the same time, doubts about Russia’s plan to reduce exports in December are limiting price growth.
Britain’s largest oil company, BP, has temporarily suspended transit through the Red Sea following Houthi attacks, while other companies are avoiding the Suez Canal.
“The geopolitical risk premium, expressed in the Houthis’ regular hostilities in the Red Sea, has played an undeniable role in the revival of oil prices,” says analyst Tamas Varga from the brokerage firm PVM. He also expressed doubts about the scope of Russia’s voluntary production cuts, calling them a “repackaging of weather-related shutdowns.”
Previously in the USA said About the “gap” in oil sanctions against Russia.