Oil Rises 2%, Brent Tops $91 to Hit Five-Week High on Middle East Tensions
JH Kim
Summary
- Oil prices rose about 2% as renewed military conflict between the U.S. and Iran and threats by Yemen's Houthi rebels to blockade Saudi vessels stoked concerns over global crude supply.
- Brent crude climbed above $91 a barrel, reaching its highest level in five weeks.
- Mounting security risks in the Red Sea prompted some tankers carrying Saudi crude to change course.
Forecast Trend Report by Period
Oil prices rose about 2% on July 21 as renewed military conflict between the U.S. and Iran and threats by Yemen's Houthi rebels to blockade Saudi vessels stoked concerns over global crude supply, Walter Bloomberg reported.
Brent crude climbed above $91 a barrel, the highest level in five weeks. Mounting security risks in the Red Sea have also prompted some tankers carrying Saudi crude to change course, the report said.
JH Kim
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