OppHub America Desk · · Source: oilprice-main
Oil Prices Could Top $120 as Middle East Conflict Escalates
Based on reporting from oilprice-main.
Crude oil prices could top $120 per barrel of Brent crude by the end of the year if fighting in the Middle East continues, RBC Capital Markets’ Helima Croft has warned, as quoted by Reuters. “Maritime traffic through the Bab el-Mandeb is gravely imperiled by the Houthi advances,” the analyst said.
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Crude oil prices could top $120 per barrel of Brent crude by the end of the year if fighting in the Middle East continues, RBC Capital Markets’ Helima Croft has warned, as quoted by Reuters. “Maritime traffic through the Bab el-Mandeb is gravely imperiled by the Houthi advances,” the analyst said. The comments follow news reports of the Yemeni Houthis taking control of the Red Sea port of Mokha, which will make it possible to launch more direct attacks on Saudi energy infrastructure and tankers in the Red Sea. This adds to the escalation on the other side of the Arabian Peninsula in the Strait of Hormuz, which has pushed Brent crude and WTI both over $100 per barrel. Earlier today, Brent crude almost touched $110 per barrel, according to Reuters.
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Based on reporting from oilprice-main.
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