Brent crude oil trades at $80.03 per barrel
The price of a barrel of Brent crude oil is trading at $80.03 in international markets.
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After rising to $80.13 yesterday, the price of a barrel of Brent crude oil closed the day at $79.39. As of 09:27 today, the price of a barrel of Brent crude oil increased by 0.81 percent compared to the closing price, reaching $80.03. At the same time, West Texas Intermediate (WTI) crude oil was trading at $74.50 per barrel.
Oil prices continue to rise on the last day of the week, driven by Israel's attacks on the Gaza Strip, rising tensions in the Middle East—which holds the majority of global oil reserves—and actions targeting ships in the Red Sea.
Abdul-Malik al-Houthi, the leader of the Houthis in Yemen, threatened in a televised statement on November 14 that they could target Israeli ships in the Red Sea. Gideon Golber, CEO of the Port of Eilat in southern Israel, stated that the port's operations have decreased by 85 percent since the Houthis in Yemen began their attacks on ships linked to or cooperating with them in the Red Sea.
Following the actions of the Houthis, numerous shipping companies decided to suspend their voyages in the Red Sea. After the British energy company bp announced earlier this week that it would halt all tanker traffic in the Red Sea, concerns have grown that the issue, which has so far primarily affected the transport of goods, could expand to include energy shipments.
Experts state that supply disruptions and potential risks stemming from conflicts in the Middle East could lead to significant volatility in oil markets.
On the other hand, oil prices fell partially yesterday after Angola announced its decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC). Angola's Minister of Mineral Resources, Petroleum and Gas, Diamantino Azevedo, reported that his country had a disagreement with OPEC regarding oil production quotas. Criticizing OPEC, Azevedo claimed that the organization does not serve the interests of its member countries. Angola, which ranks third among countries with the largest oil reserves in Africa, has seen the largest decline in crude oil production this year.
Technically, it is stated that the $80.37 to $80.49 range can be monitored as resistance for Brent crude, while the $79.93 to $79.83 range can be monitored as a support zone.