January 12, 2024 (MLN): Global oil prices rose over 1% on Friday, extending gains from the previous session as escalating conflicts in the Middle East sparked concerns of possible supply disruptions.
Brent crude is currently trading at $78.77 per barrel, up by 1% on the day.
Meanwhile, West Texas Intermediate crude (WTI) is trading at $73.58 per barrel, up by 1.02% compared to the previous close.
Both benchmarks are poised to end the week on a negative note as market sentiment is impacted by Saudi Arabia's price cuts and OPEC's increased output.
The U.S. and British strikes are one of the most dramatic demonstrations to date of the widening of the Israel-Hamas war in the Middle East since its eruption in October.
Shipping giant said on Thursday it will divert all vessels away from the Red Sea for the foreseeable future, warning customers of further disruptions.
The U.S.-led attacks also closely follow Iran's seizure on Thursday of a tanker with Iraqi crude destined for Turkey in retaliation for the confiscation last year of the same vessel and its oil by the United States. The White House has condemned the seizure.
