Oil prices set for weekly gain as Red Sea tension persists

Oil prices set for weekly gain as Red Sea tension persists

Oil prices rose on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea. Maritime carriers are avoiding the Red Sea due to the attacks carried out by the Houthi militant group, which claims to be responding to Israel’s war in Gaza. Major shippers Maersk and CMA CGM have announced extra charges linked to re-routing ships. The attacks have caused disruptions through the Suez Canal, which handles about 12% of world trade. Angola’s decision to leave OPEC also raised questions about the group’s effectiveness in supporting prices.

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TIS Staff

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