Home Business Fuel prices rose 4 percent, the highest this year

Fuel prices rose 4 percent, the highest this year

by Afonso
0 comment
Rate this post

Global oil prices rose 4 percent, the highest this year, in the wake of joint US-UK airstrikes targeting the Houthis in Yemen. Crude oil is selling at $80 per barrel.

Recently, this information has emerged in the report of the British media BBC.

Brent crude oil futures rose 4 percent to $80.52 a barrel, it said. And American West Texas Intermediate crude increased by 4.1 percent to 74.99 dollars per barrel.

Hargreaves Lansdowne’s head of finance and markets, Susanna Streeter, said: ‘Oil prices have been rising rapidly since the attack on the Houthis. Brent crude oil futures have risen nearly 7 percent since last December, before the Houthis attacked ships sailing through the Red Sea.

“If the Red Sea crisis continues, the British government has modeled a scenario where gas prices could rise by 25 percent, as well as oil prices up to $10 per barrel,” he added.

Meanwhile, vehicle production is hampered by reduced shipping through the Red Sea, carmakers said. Tesla and Volvo have announced that they will reduce their car production.

It should be noted that the Houthi rebel group, which controls half of Yemen’s territory, started targeting commercial ships related to Israel in the Red Sea two months ago as a protest against the military operations of the Israeli forces in the Gaza Strip.

According to the Pentagon, the Houthis have targeted commercial ships in the Red Sea a total of 27 times in the past two months.



source

You may also like

Leave a Comment