Oil rises as attacks in Red Sea escalate

Oil rises as attacks in Red Sea escalate

The price of oil is rising in major international markets due to fears of an increase in attacks on ships in the Red Sea.

West Texas Intermediate (WTI), a reference for the United States, registered an increase of 0.44%, reaching 78.25 dollars per barrel.

Meanwhile, North Sea Brent, crude oil traded in London and used as a reference for European imports, is rising 0.23%, reaching $83.22.

Yemen’s Houthi rebels, supported by Iran, in retaliation for the conflicts in Gaza between Israel and Hamas, have attacked ships in the Red Sea, which is forcing vessels to seek alternative routes that avoid the Suez Canal, thus making ,the most expensive and time-consuming trips.

However, the conflict risks worsening even further, as the leader of the Houthis said yesterday, according to Reuters, that his faction will intensify attacks against vessels – especially oil tankers – that cross the Red Sea and adjacent areas. 

The group, in solidarity with the Palestinians in the conflict in Gaza, has already implemented the use of underwater weapons.

Since November last year, the Houthis have launched repeated drone and missile attacks in the Red Sea, Bab el-Mandeb Strait and Gulf of Aden in support of the Palestinians. 

Israel’s military offensive in the Gaza Strip was launched after a Hamas attack on Israeli territory on October 7.

Abdulmalik al-Houthi stated in a televised address that operations in the Red Sea, Arabian Sea, Bab el-Mandeb Strait and Gulf of Aden are ongoing, increasing in intensity. The leader did not provide details about the underwater weapons used.