Oil prices jumped due to tensions in the Middle East. Brent added 1.76% and WTI 1.86%. This is reported by Reuters.
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Prices are rising
March futures for Brent rose in price on the London ICE Futures exchange by $1.36, to $78.78 per barrel. A day earlier, Brent rose in price by $0.61 (0.8%), to $77.41 per barrel.
February futures for WTI currently rose in price on the New York Mercantile Exchange NYMEX by $1.34, to $73.36 per barrel. Over the past session, the contract rose in price by $0.65 (0.9%), to $72.02 per barrel.
The price of WTI has not fallen below the long-term support level, which is around $70 per barrel, since the beginning of 2024 year.
Reasons for growth
The main factor in price growth is the escalation in the Middle East. The conflict between Israel and Hamas is widening. The United States and Britain said they carried out air and sea strikes against Houthi military installations in Yemen in response to the group's attacks on ships in the Red Sea.
The Houthis carried out a large-scale attack on ships with drones and missiles. The US military repelled the attack, but shipping companies remain wary of sending their ships through the Red Sea for security reasons.