U.S. And U.K. Attacks In Yemen Drive 4% Rise In Oil Prices.

Written by Paulo Nogueira

Published on 15/01/2024 at 14:20

REUTERS/Stringer/Arquivo – Todos os direitos: CNN Brasil

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Airstrikes Hit Houthi Rebels; Fear of Large-Scale Conflict Revived After Airstrikes on Houthi Targets in Yemen and Incidents in the Red Sea.

Oil prices rose due to the impacts of U.S.-led airstrikes in Yemen, which shook energy markets on Friday (12). U.S. crude saw a 4.2% increase, reaching US$ 75 (R$ 365.61) per barrel, while Brent crude, the global benchmark, surged 4% and surpassed US$ 80 (R$ 389.98) per barrel. This rise in prices was caused by the bombings carried out by the U.S. and U.K. in Yemen in response to Houthi attacks on commercial ships in the Red Sea, highlighting the volatility of oil as fossil fuel and hydrocarbon. (https://en.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 disrupt oil supply from the Middle East.

‘The likelihood of dragging several oil-producing countries into the conflict is definitely greater today than it was yesterday. And it was higher yesterday than the day before that’, said Robert Yawger, vice president of energy futures at Mizuho Securities.

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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 oil supply from the Middle East.

Another concern is that oil facilities in Saudi Arabia could be targeted by a retaliatory attack from the Houthis.

In 2019, about 5% of global oil supply was temporarily disrupted after a large-scale drone attack on Saudi facilities.

‘When you start attacking land facilities in Yemen, it takes things to the next level’, said Yawger.

Despite Friday’s gains, oil prices remain lower than before the October 7 attacks by Hamas against Israel due to concerns over oversupply.

Prices initially surged on Thursday after Iran seized a tanker in the Gulf of Oman. However, those gains later dissipated.

‘There is a daily battle between fundamentals and geopolitics’, said Matt Smith, chief oil analyst at Kpler.

This article was originally published in English by CNN International

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Source: CNN Brazil

U.S. And U.K. Attacks In Yemen Drive 4% Rise In Oil Prices.

Airstrikes Hit Houthi Rebels; Fear of Large-Scale Conflict Revived After Airstrikes on Houthi Targets in Yemen and Incidents in the Red Sea.

Concerns About Oil in the Middle East

The Impact of Oil on Global Supply

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U.S. And U.K. Attacks In Yemen Drive 4% Rise In Oil Prices.

Airstrikes Hit Houthi Rebels; Fear of Large-Scale Conflict Revived After Airstrikes on Houthi Targets in Yemen and Incidents in the Red Sea.

Concerns About Oil in the Middle East

The Impact of Oil on Global Supply

With billions in loans, China is rebuilding Nigeria’s railway network from scratch, abandoning the British colonial tracks that have turned to scrap and creating a corridor of over 1,300 km to take the load off the roads of Africa’s largest economy.

Forget petroleum-based asphalt: a Scottish company transforms 684,000 plastic bottles into one kilometer of road that is 60% more resistant and up to 10 times more durable, and the technology has already started replacing traditional asphalt in more than 30 countries.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

A robot named Walter does the work of five bricklayers per hour and can save the construction industry, where the average age of professionals is 46 years and almost no one wants to learn the trade anymore, in the United Kingdom.

Spain installs two giant pipelines 2.2 km off the coast to draw water from the Mediterranean and supply a megafacility capable of producing 200 million liters of drinking water per day.

Without wheels, iron, or machines, teams of up to 32 men would have dragged 2.3-ton blocks over wet sand up a ramp embedded in the pyramid itself, raising the structure in 20 to 27 years, according to a new computer model that reignites a millennia-old debate.

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