2 minutes agoAttacks against Houth increase oil price by more than 2 per cent
Periskopi(2 years ago)
(2 years ago)Oil prices have increased by more than 2% after the United States-led coalition launched attacks on Houthia. Brent, for two-thirds of the world's oil, increased by 2.5%, fearing that the conflict could expand wider in the region, the BBC writes. The attacks came hours after [...]
Oil prices have increased by more than 2% after the United States-led coalition launched attacks on Houthia.
Brent, for two-thirds of the world's oil, increased by 2.5%, fearing that the conflict could expand wider in the region, the BBC writes.
The attacks came hours after Iran seized a tanker heading towards Turkey on the coast of Oman on Thursday, further fuelling the situation.
The Gulf of Oman, where the tank was caught, is very close to the Strait of Hormuz, which is one of the most important shipping routes for oil supply.
More than 20 million barrels of oil move daily at this narrow crossing, equivalent to about one fifth of global consumption.
Iran-backed Hut attacks on ships at the Red Sea have halted trade and fuel flow in recent weeks.
The biggest risk for oil prices is if Iran withdraws directly into conflict, which could threaten production and flow in a region that produces a third of the world's crude oil.
