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World Oil Prices Surge to $80 After UK and US Retaliate Strikes on Yemeni Houthis in the Red Sea

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Photo: World Oil Prices Surge to $80 After UK and US retaliate Strikes on Yemeni Houthis in the Red Sea. Source: Collage The Gaze \ by Leonid Lukashenko
Photo: World Oil Prices Surge to $80 After UK and US retaliate Strikes on Yemeni Houthis in the Red Sea. Source: Collage The Gaze \ by Leonid Lukashenko

Global Brent Crude Oil prices rose to $80 (up 4%) as oil tankers steered clear of the Red Sea. This sharp increase occurred for the first time since Thanksgiving, due to concerns that new terrorist attacks by the Houthi rebels on the Red Sea shipping route could further disrupt supplies.

Following overnight strikes in response to the UK and US targeting Houthi terrorists in Yemen, at least four tankers changed course away from the Red Sea, according to shipping data from LSEG and Kpler.

Previously, oil price hikes were tempered by uncertain forecasts regarding global growth, which could limit demand, and the relatively well-supplied market.

This week, key oil-exporting nation Saudi Arabia lowered the official selling price of its Arab light crude oil for Asia in February to the lowest level in just over two years amid rising supplies and competition from other producers.

The Suez Canal is the fastest route between Asia and Europe, accounting for about 12% of global container shipping.

As reported earlier by The Gaze, Yemeni Houthi rebels, armed and supported by Iran, claimed to have bombed and seized an Israeli ship on December 19.

Yesterday, it was revealed that Iran's naval forces seized a Greek oil tanker in the Gulf of Oman. The vessel St Nikolas, formerly known as Suez Rajan and associated with the Greek shipping company Empire Navigation, was carrying one million barrels of crude oil.

Following this, the European Union announced plans to send at least three naval ships to protect vessels in the Red Sea from Houthi rebel attacks.

During the same night, the United States, in coordination with the UK and with the support of Australia, Canada, the Netherlands, and Bahrain, conducted joint strikes in response to Houthi targets in Yemen.

The strikes aimed to limit the Houthi capabilities to attack civilian and military vessels in the Red Sea. The coalition targeted radar systems, anti-aircraft defence systems, as well as storage and launch sites for drones, cruise missiles, and ballistic missiles. 

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