New York (awp/afp) – The prices of oil rebounded on Wednesday, driven by the closure of a major oil field in Libya due to protests, amid tensions in the Red Sea that could affect the supply of black gold.
The price of Brent crude from the North Sea, for delivery in March, climbed 3.13% to $78.25.
Its American counterpart, West Texas Intermediate (WTI) crude, for delivery in February, jumped 3.29% to $72.70.
Prices rebounded, “the closure of Libya’s largest oil field following protests has raised concerns about supply,” said Axel Rudolph, analyst at IG.
The Sharara oil field in western Libya has a production capacity of around 300,000 barrels per day.
“Tensions in the Red Sea have not yet had a lasting impact on prices, as oil exports from the Middle East have not been interrupted,” said Giovanni Staunovo, analyst at UBS.
But “even if oil supply has not been affected,” “nervousness is evident,” said Tamas Varga, analyst at PVM Energy.
Yemeni rebels Houthis claimed on Wednesday to have carried out an “operation” against a ship from French carrier CMA CGM in the Red Sea, in solidarity with Palestinians in the Gaza Strip.
In recent weeks, following the war between Israel and Hamas, the Houthi rebels have stepped up attacks in the Red Sea and the Bab el-Mandeb Strait, through which 12% of global trade passes.
The Houthis, supported by Iran, have warned that they would target, in solidarity with Gaza, ships sailing in the Red Sea and having links with Israel.
“Several shipping companies are now avoiding the strait concerned and instead taking a much longer route around the Cape of Good Hope,” explains Carsten Fritsch, analyst at Commerzbank, “not only prolonging delivery times by 10 to 12 days, but also increasing transport and insurance costs.”
French shipping company CMA CGM announced the near doubling of its freight rates from January 15 for exchanges between Asia and the Mediterranean, due to attacks by the Houthis against merchant ships in the Red Sea.
German shipping company Hapag-Lloyd has also said it will now avoid the Red Sea, noted Jose Torres, senior economist for Interactive Brokers.
Another potential sign of escalation in the conflict: a double explosion occurred Wednesday near the Saheb al-Zaman mosque, where the tomb of General Soleimani is located, in Kerman, southern Iran.
The attack was described as a bombing by Iranian officials and state media, but has not been claimed immediately.
“If tensions continue to escalate, oil prices could be strengthened in the short term,” said Lukman Otunuga of FXTM.
At the same time, OPEC (Organization of the Petroleum Exporting Countries) members and their OPEC+ allies have reaffirmed their “full commitment” to the “unity, cohesion, and stability of the market” in a press release on the alliance’s website on Wednesday.
This is the first official communication from the group since Angola’s departure from OPEC last month, displeased with its production quota decided at the alliance’s last ministerial meeting.
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