International oil prices rose for the second consecutive day on Tuesday (19th), closing at a more than two-week high, as recent attacks on ships in the Red Sea triggered market concerns about supply disruptions.
energy commodity prices
- West Texas Intermediate (WTI) crude futures for January delivery rose 97 cents, or 1.3%, to settle at $73.44 a barrel, their highest closing price since December 1. The futures expire today.
- 2 West Texas Intermediate crude oil futures for delivery, which switches to the nearest month WTI, rose $1.12, or 1.5%, to settle at $73.94 a barrel.
- Delivered in FebruaryBrent crude oil (Brent) futures rose $1.28, or nearly 1.6%, to $79.23 a barrel, the highest closing price since November 30.
- Gasoline futures for January delivery rose 1.9% to settle at $2.20 a gallon.
- Delivered in JanuaryThermal Fuel FuturesPrices rose nearly 1.7% to settle at $2.72 per gallon.
- Natural gas futures for January delivery fell 0.4% to settle at $2.49 per million Btu.
market drivers
Brent crude oilIt closed at its highest level since late November on Tuesday, while WTI crude oilIt closed at a more than 2-week high as oil prices rose on Monday, supported by news that British Petroleum had suspended operations in the Red Sea.
Since the outbreak of the Israel-Kazakhstan war, the Houthi rebels who mainly control Yemen have launched a series of drone and missile attacks, leading several shipping companies to announce that they will suspend transportation to avoid attacks.
City Index and FOREX.com market analyst Fawad Razaqzada said the long-term impact of Houthi rebel attacks on Red Sea tankers on oil prices is complex, but these attacks do have an immediate impact, namely delayed crude delivery and higher transportation costs, so higher oil prices are justified. .
“Still, it’s hard to say how long the rally will last, or how much prices will rise from here,” he added.
After Hamas attacked southern Israel on October 7, crude oil prices rose slightly as the market worried that the conflict would expand and involve Iran. However, oil prices soon gave up the gains and fell to a six-month low, before recovering slightly. rebound.
Stephen Innes, managing partner of SPI Asset Management, said that as the holidays approach, it seems difficult to achieve stable results in the region. The longer the war lasts, the escalating humanitarian crisis may intensify political pressure on all aspects and may lead to Conflict expands. “During bombings, war increases the likelihood of unpredictable events and major miscalculations, which can lead to heightened tensions.”
2023-12-19 21:44:27
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