Investors are still weighing whether strikes in the West could spark a wider conflict in the Middle East.
World oil prices started to rise on the last working day of the week due to escalating tensions in the Middle East, including attacks by Western countries on Yemen. This was confirmed by the trading data on the evening of Friday, January 12.
Thus, Brent oil for March delivery on the London ICEFutures exchange rose in price by $2.01 (+2.60%) to $79.42 per barrel.
In turn, futures for WTI oil for February delivery on the New York Mercantile Exchange rose $1.98 (+2.75%) to $74.00 a barrel.
Western agencies wrote that investors are still assessing the possibility of whether the strikes could provoke a wider conflict in the Middle East. The main risk for prices is that if Iran is directly involved in the conflict, it could endanger the production and flow of “black gold” in the region that produces a third of the world’s oil.
We remind you that tonight the United States and Britain launched strikes against the Houthis. Explosions occurred in several cities in Yemen. Later, US President Joe Biden issued a statement on this matter.
Before the attack, the UN Security Council adopted a US resolution condemning Houthi attacks on ships in the Red Sea, giving the West a legal basis for attacks in Yemen.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.