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Saturday, 28 July 2018 - 13:42
Tension in Arabian-gulf sends oil prices up
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Oil prices rose over the past few days after Saudi Arabia suspended oil shipments through a strait in the Red Sea following an attack on two oil tankers and as trade tensions between the United States and the European Union eased.
 
Brent futures rose 61 cents to settle at $74.54 a barrel, a 0.8 percent gain. The contract earlier touched $74.83 a barrel, highest since July 16. U.S. West Texas Intermediate (WTI) crude futures were up 31 cents, settling at $69.61, a 0.5 percent gain.
 
Brent rose after Saudi Arabia said it was “temporarily halting” oil shipments through the Red Sea shipping lane of Bab al-Mandeb after an attack by Yemen’s Iran-aligned Houthi movement.
 
Any move to block the Bab al-Mandeb, which is between the coasts of Yemen and Africa at the southern end of the Red Sea, would virtually halt oil shipments through Egypt’s Suez Canal or the SUMED crude pipeline that link the Red Sea and the Mediterranean.
 
An estimated 4.8 million barrels per day of crude oil and refined products flowed through the Bab al-Mandeb strait in 2016 toward Europe, the United States, and Asia, according to the U.S. Energy Information Administration.
 
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