The price of Brent oil rose above $81 per barrel for the first time since December 1. This is evidenced by trading data on the ICE exchange.
The price of oil for February delivery reached $81.25 (+2.15%) as of 17:16, but fell to $81.06 as of 17:26. At the same time, the WTI price rose to $75.41 (+2.52%) on the Chicago Mercantile Exchange.
Brent increased by 3% last week, the highest increase in two months. Prices are supported by a series of events in the Red Sea this week. The publication writes that on Tuesday the British Navy reported two incidents involving ships, but the ships were not damaged. Bloomberg.
Although the Danish company Maersk has started to use the route again, many airlines prefer longer routes, avoiding the Red Sea.
According to analysts at S&P Global Market Intelligence, “energy supply chains will face a new shock wave” as the Red Sea attacks have knock-on effects. “Alternative routes are compromised from a practical or economic perspective” with passage of the Cape of Good Hope adding at least 10 days to travel times.
U.S. strikes against Iranian targets in Iraq in response to militant attacks on U.S. personnel also increase geopolitical risks in the region. Experts fear that the conflict between Israel and Hamas in the Middle East will turn into large-scale hostilities.
The publication calculated that despite the recent rise, it has fallen by around 8% since the beginning of the year due to concerns that supply will exceed demand in 2023.
Last week Angola left OPEC. reinforced There were doubts about the integrity of the cartel, but the remaining participants confirmed their determination to reduce production.
Dmitriev, formerly head of RDIF saidHow much money Russia made from the agreement with OPEC.