Oil prices continue to rise amid ongoing tensions in the Middle East

The price of a barrel of Brent crude, which rose to $79.67 yesterday, closed the day at $79.23. As of 09:25 today, the price of a barrel of Brent crude increased by 0.10 percent compared to the closing price, reaching $79.31. At the same time, West Texas Intermediate (WTI) crude oil was trading at $74.08 per barrel.

Oil prices continue to rise under the influence of ongoing tensions in the Middle East and actions targeting ships in the Red Sea.

Houthi military spokesperson Yahya Saree announced in a written statement on the X platform on November 19 that they would target all ships flying the Israeli flag in response to Israel's attacks on the blockaded Gaza Strip. 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.

The fact that ships passing through the Bab al-Mandab Strait are forced to change routes due to tensions in the Red Sea is increasing pressure on global markets. The strait is one of the world's most important routes for global maritime commodity shipments, as well as trade.

Following the announcement by British energy company bp that it would halt all tanker traffic in the Red Sea, concerns have arisen that the problem, which has so far mostly affected goods transport, could expand to include energy shipments. It is stated that ships choosing alternative routes to the Red Sea will extend travel times, leading to delays and increased costs. Experts suggest that supply disruptions and potential risks caused by conflicts in the Middle East could lead to serious fluctuations in oil markets.

Meanwhile, market players are awaiting official crude oil inventory data from the US, the world's largest oil consumer. According to data from the American Petroleum Institute, released one day before the official inventory data from the US Energy Information Administration, crude oil inventories in the country increased by 939 thousand barrels. Market expectations were for a decrease of 2 million 233 thousand barrels in inventories.

It is stated that for Brent crude, the $79.43 to $79.55 range can be monitored as resistance, while the $79.05 to $78.98 range can be monitored as a support zone.

News Source: 12punto