ISLAMABAD
\nCrude oil prices jumped around 4 percent for the fourth straight session on Friday after the US and UK struck Houthi targets in Yemen and Iran seized a tanker in the Gulf of Oman, stoking fears of an escalation in geopolitical tensions that could threaten trade and oil flows.
\nAs of 1235 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $2.76 (+3.57 percent) to reach $80.17 a barrel. Similarly, the West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $2.69 (+3.74 percent) to $74.71 a barrel.
\nBrent ended last week higher by 2.23 percent, while WTI closed the week up by 3.01 percent and both are on the way to register another weekly gain. Both benchmarks shed more than 10 percent in 2023 on a year-on-year basis.
\nOn the other hand, the price of Russian Sokol increased by $1.48 (+2.07 percent) to $72.95. Arab Light prices witnessed an increase of $1.48 (+1.88 percent) to reach $80.13 a barrel. Following suit, the price for Opec Basket increased to $78.28 a barrel with an uptick of $0.07 (+0.09 percent). The OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend, Girassol, Djeno, Zafiro, Rabi Light, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny Light, Arab Light, Murban and Merey.
\nIran seized a tanker off the coast of Oman on Thursday, further increasing regional tensions. The vessel was \u201can American oil tanker\u201d that was \u201cstolen by the US and changed its name\u201d, Iran\u2019s official Islamic Republic News Agency reported.
\nGeopolitical tensions in the Middle East have been a key driver of oil price movement since early October. But attacks by the Iran-backed Houthis on ships in the Red Sea that disrupted trade and the flow of fuel, have escalated the situation in recent weeks.
\nThe US and UK launched air strikes against the Houthis on Thursday, in response to the escalating Red Sea attacks. The rebel group has been firing missiles at ships for the past two months to retaliate against Israel\u2019s assault in Gaza.
\nThe Houthis this week launched their biggest coordinated attack in the Red Sea despite the presence of a US-led naval force. The air strikes on Houthi military positions are expected to diminish the group\u2019s capabilities, a senior US administration official said on Thursday. The strikes were conducted along with \u201cnon-operational support\u201d from Australia, Canada, the Netherlands and Bahrain.
\nUS President Joe Biden said the \u201ctargeted strikes\u201d were a message that the US and its allies would not permit attacks on its personnel or \u201callow hostile actors to imperil freedom of navigation\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Crude oil prices jumped around 4 percent for the fourth straight session on Friday after the US and UK struck Houthi targets in Yemen and Iran seized a tanker in the Gulf of Oman, stoking fears of an escalation in geopolitical tensions that could threaten trade and oil flows. As of 1235 hours GMT, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-380532","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n