Oil Rises by One Dollar, Focus on Middle East Crisis

Oil prices rose by more than one dollar today, Tuesday, following a decline in the previous session, as markets assessed the tensions in the Middle East amid concerns about demand and increased OPEC supplies. Brent crude futures increased by $1.33, or 1.75%, to $77.45 per barrel by 11:31 GMT, while U.S. West Texas Intermediate crude futures rose by $1.29, or 1.82%, to $72.06 per barrel. Analysts noted that "geopolitical tensions in the Middle East and ongoing supply disruptions in Libya supported the price increase today." Some major shipping companies are still avoiding the Red Sea, and the German company Hapag-Lloyd stated today that it will continue to reroute ships around the Cape of Good Hope following the maritime attacks by the Houthis.