Brent crude oil price at $80.84 per barrel

After rising to $81.45 yesterday, the price of a barrel of Brent crude oil closed the day at $80.85. As of 09:49 today, the price of a barrel of Brent crude oil was $80.84, a decrease of 0.01 percent from the closing price. At the same time, West Texas Intermediate (WTI) crude oil was finding buyers at $75.47 per barrel.

Developments in the Red Sea continue to impact oil prices.

Following the announcement by the Houthis in Yemen that they would target all Israeli-flagged ships in response to Israel's attacks on the blockaded Gaza Strip, many companies, including the British energy firm bp, had suspended their voyages in the Red Sea for security reasons.

Houthi Military Spokesperson Yahya Saree announced in a statement on his Telegram account yesterday that they had targeted a commercial ship in the Red Sea with rockets and had also carried out a drone attack on Israeli military sites.

The US Naval Forces Central Command also reported in a post on its X social media account that it had shot down a drone, as well as ballistic and cruise missiles, in the Red Sea.

While the attacks on commercial ships in the Red Sea and the successive decisions made by companies increase concerns about a potential global supply chain crisis, the possibility that the problem could expand to include energy shipments is pushing prices upward.

On the other hand, concerns about an expected supply surplus in the first quarter of next year are limiting the rise in prices.

Technically, it is stated that the $80.91 to $81.11 range can be monitored as resistance for Brent crude, while the $80.71 to $80.51 range can be monitored as a support zone.

News Source: 12punto