Oil continues to rise due to disruptions in the Red Sea

He Petroleum rose again on Tuesday, still driven by attacks on ships in the Red Seaalthough the market is not won by enthusiasm.

The price of a Brent barrel from the North Sea for delivery in February rose 1.6% and closed at US$79.23.

The US West Texas Intermediate (WTI) for delivery in January, on its last day of trading, rose 1.3% to 73.4%.

“What is happening in the Red Sea creates a disturbance,” commented Phil Flynn of Price Futures Group. “It’s not serious, but it will cost more” ttransport black gold, he added.

A multinational force was created on Monday to protect merchant ships, with the United States, the United Kingdom and France among its members.

“Now the question is knowing when this alliance will be operational,” Flynn said.

So far, of the large oil groups, only BP has chosen to avoid the area, where ships are the target of attacks claimed by the Yemeni Houthi rebels.

“BP is usually the most cautious“explained an oil company executive on condition of anonymity. “But if you have no ties to Israel, the probability of an attack is very low”he added.

The Houthis, who are backed by Iran, have warned that they will attack ships owned by Israeli firms or serving Israel.

“And although traffic through the Suez Canal has decreased considerably, there are still many ships”declared an executive from an oil transportation company.

He indicated that many ships choose to pass at night off the Yemeni coast and, to reduce risks, they turn off the systems that allow them to be detected.

Tankers that opt ​​for the Cape of Good Hope route will take ten more days but will reach port, said Bart Melek, an analyst at TD Securities. That route “it is not blocked”, Indian.

On the other hand “The Suez route is not absolutely crucial for the transport of oil,” said Thu Lan Nguyen, an analyst at Commerzbank. She noted that the blockage of this artery by a container ship for six days in March 2021 had a limited impact on prices.