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Bombing hits Houthi rebels; Fears of large-scale conflict revive after airstrikes on Houthi targets in Yemen and incidents in the Red Sea.
Oil prices rose due to the impacts of US-led airstrikes in Yemen, which shook energy markets on Friday (12). US crude oil rose 4,2%, reaching US$75 (R$365,61) a barrel, while Brent oil, a global reference, jumped 4% and surpassed US$80 (R$389,98 .XNUMX) the barrel. This rise in prices was caused by the bombings carried out by the US and UK in Yemen, in response to Houthi attacks on commercial ships in the Red Sea, highlighting the volatility of the oil as fossil fuel e hydrocarbon. (https://clickpetroleoegas.com.br/escalada-de-tensoes-no-mar-vermelho-faz-precos-do-petroleo-subirem/)
Concerns about Oil in the Middle East
The operation against the Iran-backed group raises fears of a regional conflict that could shake the oil supply of the Middle East.
‘The likelihood of dragging several oil-producing countries into conflict is definitely greater today than it was yesterday. And it was higher yesterday than the day before,' said Robert Yawger, vice president of energy futures at Mizuho Securities.
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Another concern is that the oil installations in Saudi Arabia could be hit by a retaliatory attack by the Houthis.
In 2019, around 5% of the world's oil supply was temporarily disrupted following a large-scale drone attack on Saudi oil rigs.
‘When you start attacking facilities on the ground in Yemen, it takes things to the next level,’ Yawger said.
Despite Friday's gains, oil prices remain lowest than before Hamas October 7 attacks against Israel due to concerns about the oversupply.
Prices initially rose sharply on Thursday after Iran seized an oil tanker in the Gulf of Oman. However, these gains later disappeared.
‘There is a daily battle between fundamentals and geopolitics,’ said Matt Smith, chief oil analyst at Kpler.
‘The fundamental scenario is seasonally weak but, on the other hand, we have ongoing concerns and incidents in the Mar vermelho, and now close to the Strait of Hormuz, two of the most crucial points [for maritime] trade in the world.’
This article was originally published in English by CNN International
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The Impact of Oil on Global Supply
The operation against the Iran-backed group raises fears of a regional conflict that could disrupt Middle Eastern oil supplies.
‘The likelihood of dragging several oil-producing countries into conflict is definitely greater today than it was yesterday. And it was higher yesterday than the day before,' said Robert Yawger, vice president of energy futures at Mizuho Securities.
Another concern is that the oil installations in Saudi Arabia could be hit by a retaliatory attack by the Houthis.
In 2019, around 5% of the world's oil supply was temporarily disrupted following a large-scale drone attack on Saudi oil rigs.
‘When you start attacking facilities on the ground in Yemen, it takes things to the next level,’ Yawger said.
Despite Friday's gains, oil prices remain lowest than before Hamas October 7 attacks against Israel due to concerns about oversupply.
Prices initially rose sharply on Thursday after Iran seized an oil tanker in the Gulf of Oman. However, these gains later disappeared.
‘There is a daily battle between fundamentals and geopolitics,’ said Matt Smith, chief oil analyst at Kpler.
‘The fundamental scenario is seasonally weak, but on the other hand we have ongoing concerns and incidents in the Red Sea, and now near the Strait of Hormuz, two of the most crucial maritime points in the world.’
This article was originally published in English by CNN International
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Source: CNN Brazil
