PT Solid Gold Berjangka | Oil Rises as Iran Warship Enters Red Sea Following Boat Attacks

03:22 02 January in Commodity, PT SGB, SOLID GOLD BERJANGKA | SOLID GROUP

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Solid Gold Berjangka | Oil advanced after Iran sent a warship to the Red Sea in response to the destruction of three Houthi boats by the US Navy over the weekend.

West Texas Intermediate traded near $72 a barrel after declining by 5.2% over the prior three sessions, while Brent closed around $77 on Friday. The US Navy said it was fired upon when responding to a distress call from a vessel in the Red Sea, resulting in the sinking of the three boats. Iran’s Alborz destroyer entered the vital waterway on Monday, state media said, without providing further information on the ship’s mission.

Tuesday’s gain follows crude’s first annual decline since 2020 after a tumultuous year dominated by concerns over increased production from outside OPEC and its allies and slowing demand growth. That was offset by bullish factors including the Israel-Hamas and Russia-Ukraine wars and signs that the Federal Reserve is done with hiking interest rates.

A Houthi delegation met with officials in Tehran after the US response to the attack on a Danish-owned container ship. AP Moller-Maersk A/S suspended all Red Sea transit to assess the situation in the vital waterway.

WTI for February delivery rose 0.4% to $71.95 a barrel at 8:01 a.m. in Singapore. Brent for March settlement closed 0.1% lower at $77.04 a barrel on Friday.

Source : Bloomberg