Increase in Brent crude oil price per barrel

The price of a barrel of Brent crude oil is trading at $78.32 in international markets.

After rising to $80.75 on Friday, the price of a barrel of Brent crude oil closed the day at $78.29. As of 10:09 a.m. today, the price of a barrel of Brent crude oil was $78.32, an increase of 0.04 percent from the closing price.

At the same time, a barrel of West Texas Intermediate (WTI) crude oil was finding buyers at $72.81.

Oil prices are following a cautious path this week ahead of economic data expected from the world's largest oil-consuming countries, the U.S. and China. The data to be released is expected to provide further clues regarding economic activity and oil demand in these countries.

Rising tensions in the Middle East, which is home to most of the world's oil resources, are supporting a partial increase in oil prices. Last week, U.S. and British warplanes conducted airstrikes on several locations in the Yemeni cities of Sanaa, Hodeidah, and Taiz in response to the Houthis' ongoing attacks on international shipping routes in the Red Sea.

Commenting on the attacks, U.S. President Joe Biden stated that they would not hesitate to take further measures to protect the American people and the free flow of international trade if necessary. British Foreign Secretary David Cameron, regarding the airstrikes conducted with the U.S. against the Houthis in Yemen, stated: "We are right to take action against those who attack ships."

The U.S. military reported that the Houthis have carried out 27 attacks in the Red Sea since November 19.

The Iran-backed Houthis in Yemen, meanwhile, announced that they would continue their military operations against Israel and their efforts to block the passage of Israeli ships through the Red Sea.

Due to the impact of the conflicts in the region, numerous shipping companies have decided to suspend their voyages in the Red Sea. The expectation that conflicts will continue in the Red Sea, which plays a significant role in global oil trade, fuels concerns that a global supply chain crisis could emerge and that energy shipments could be negatively affected, supporting upward pressure on oil prices.

Technically, it is stated that the $78.54 to $78.88 range can be monitored as resistance for Brent crude, while the $77.82 to $77.29 range can be monitored as a support zone.

News Source: AA