On Tuesday, the global oil market saw a rise in prices as traders were preoccupied evaluating the risks associated with supply disruptions in the Middle East following the attacks conducted by the United States and the United Kingdom on Yemen.
Citing information from Bloomberg, on Tuesday, the global oil market experienced a rise in prices as traders were actively evaluating the risks associated with potential supply disruptions in the Middle East, prompted by the attacks carried out by the United States and the United Kingdom on Yemen.
During trading, Brent crude prices rose by 13 cents, or 0.2%, reaching $78.42 per barrel. The trading price of West Texas Intermediate (WTI) in the United States increased by five cents, or 0.1%, reaching $72.73 per barrel. On Friday, Brent crude had concluded with a 1.1% increase, and the U.S. oil index experienced an almost one percent rise.
Last week, oil market indicators rose by over 2% during mid-trading, marking the highest record of the year, in response to the airstrikes conducted by the United States and the United Kingdom on specific regions in Yemen.
Warren Patterson, the Head of Commodities Research at ING Bank, remarked, "Considering the tension in the Red Sea, there are risks to the supply. Nonetheless, as of now, there has been no observed impact on oil supply, and in the event of an escalation in these attacks, such an occurrence might take place."
