Brent crude oil price at $75.93 per barrel

After rising to $79.06 yesterday, the price of a barrel of Brent crude oil closed the day at $75.89. As of 10:04 today, the price of a barrel of Brent crude oil increased by 0.05 percent compared to the closing price, reaching $75.93. At the same time, a barrel of West Texas Intermediate (WTI) crude oil was trading at $70.36.

The actions of the Houthis in Yemen targeting ships in the Red Sea continue to impact oil prices. Recently, following the Houthis' actions, numerous shipping companies decided to suspend their voyages in the Red Sea. While these actions raise concerns about a potential global supply chain crisis, the possibility that the issue could expand to include energy shipments is supporting prices upward.

Most recently, the US Central Command (CENTCOM) announced that the Iran-backed Houthis in Yemen fired 2 anti-ship missiles into the Red Sea. The statement included the following: "These illegal actions endanger the lives of dozens of innocent mariners and continue to disrupt the free flow of international commerce. This is the 24th attack against commercial shipping in the southern Red Sea since November 19."

Experts state that Israel's attacks on the Gaza Strip and the possibility of escalating tensions in the Middle East, which holds the majority of global oil reserves, could lead to significant volatility in oil markets.

On the other hand, data expected from the US, the world's largest oil-consuming country, is limiting the rise in prices. Investors are awaiting data to be released in the US today and the minutes of the US Federal Reserve (Fed) meeting. Additionally, the American Petroleum Institute will release crude oil inventory data during the day. Since the data is an important indicator of demand in the country, it also affects the movement of prices.

Technically, it is stated that the $76.12 to $76.47 range can be monitored as resistance for Brent crude, while the $75.77 to $75.42 range can be monitored as the support zone.

News Source: 12punto