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The price of a barrel of American West Texas Intermediate (WTI) for delivery in February increased by $1.26 to $72.91.
The market highlighted tensions in the Red Sea, a key shipping route for international trade and crude oil transportation. Finally, Iran announced that it sent a warship to the Red Sea. The frigate “Albors” passed through the Bab el-Mandeb Strait, the online portal “Nur News” reported on Monday.
Since the start of the war in the Gaza Strip, a growing number of commercial ships in the Red Sea have been attacked by Iran-backed Houthi rebels in Yemen, causing oil prices to temporarily rise in recent weeks. The United States accuses the Islamic Republic of involvement in planning the attacks. Tehran denies the allegations (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
