Oil rises, driven by geopolitical tensions in the Middle East

Oil rises, driven by geopolitical tensions in the Middle East
Oil rises, driven by geopolitical tensions in the Middle East

Updates courses, adds new ship attack off Yemen

London (awp/afp) – Oil prices rose on Tuesday, driven by geopolitical tensions in the Middle East, Israel increasing strikes on Rafah and a new merchant ship having been attacked off the coast of Yemen.

Around 2:15 p.m. GMT (4:15 p.m. CET), the price of a barrel of Brent from the North Sea, for delivery in July, rose 0.67% to $83.66.

Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery the same month, increased by 2.06% to $79.32.

“The tense geopolitical situation is favorable for further gains” in crude oil, notes Ipek Ozkardeskaya, Swissquote analyst.

Israeli tanks entered the center of the town of Rafah, in the south of the Gaza Strip, on Tuesday, targeted by incessant bombardments three weeks after the first ground operations which triggered a new mass exodus.

“Although the conflict in the Middle East has not had a significant impact on the region’s oil supply, the truce between the warring parties is fast fading away,” comments Tamas Varga, analyst at PVM Energy .

A ship was damaged by missile fire off the coast of Yemen, where Houthi rebels are increasing attacks on merchant shipping, the British maritime security company Ambrey said on Tuesday. There was no immediate claim of responsibility for the attack.

Since November, Yemeni rebels, supported by Iran, have attacked ships in the Red Sea and the Gulf of Aden, claiming to act in solidarity with the Palestinians in the Gaza Strip, where Israel is at war with Islamist movement Hamas for almost eight months.

At the same time, the Egyptian army announced Monday the opening of an investigation into the death of a border guard in “shooting” in the Rafah border area, between Egypt and the Gaza Strip where they are deployed Israeli forces.

For DNB analysts, the death of the Egyptian soldier further increases geopolitical tensions in the region.

Cairo “warned against the repercussions of Israeli military operations” in a buffer zone of around twelve kilometers between Egypt and the Gaza Strip “and against any attack on the security of Egyptian security personnel deployed at the borders “, indicated Monday evening a security Source cited by Al-Qahera News, a media close to Egyptian intelligence.

Egypt was the first Arab country to normalize relations with Israel in 1979.

bur-emb/ode/ktr

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