Brent crude oil price at $78.07 per barrel

After rising to as high as $79.51 yesterday, the price of a barrel of Brent crude oil closed the day at $77.95. As of 09:37 today, the price of a barrel of Brent crude increased by 0.15 percent compared to the closing price, reaching $78.07. At the same time, West Texas Intermediate (WTI) crude oil was trading at $72.78 per barrel.

Oil prices continue to rise amid concerns that the actions of the Houthis in Yemen targeting ships in the Red Sea could lead to disruptions in oil supply.

Houthi Military Spokesperson Yahya Saree announced in a written statement on the X platform on November 19 that they would target all Israeli-flagged ships in response to Israel's attacks on the blockaded Gaza Strip. As a result of the attacks, many shipping companies have decided to suspend their voyages in the Red Sea.

The fact that ships passing through the Bab al-Mandab Strait have been forced to change their routes due to the tension in the Red Sea is increasing pressure on oil markets. The strait is one of the world's most important routes for global maritime commodity shipments.

Egypt's Suez Canal Authority reported that since November 19, the routes of 55 ships have been diverted from the Bab al-Mandab Strait to the Cape of Good Hope at the southern tip of Africa. It is estimated that if the tension continues, the number of ships opting for this alternative route instead of the aforementioned strait will continue to increase.

Experts suggest that supply disruptions and potential risks stemming from conflicts in the Middle East could lead to significant volatility in oil markets.

Technically, it is stated that the $78.25 to $78.33 range can be monitored as resistance for Brent crude, while the $77.87 to $77.76 range can be monitored as a support zone.

News Source: 12punto