Oil prices rise on Red Sea shipping attacks and supply worries

Oil prices on Tuesday built on gains made a day earlier amid attacks on shipping in the Red Sea that have exacerbated supply worries.

Brent crude futures rose 36 cents, or 0.44%, to $82.89 a barrel by 0745 GMT, while U.S. West Texas Intermediate crude futures (WTI) were up 31 cents, or 0.40%, to $77.89 a barrel.

“Concerns around shipping disruptions in the Red Sea have supported a rebound in the price of crude oil overnight, offsetting a more hawkish Fed currently weighing on the demand side of the equation,” said Tony Sycamore, an analyst at IG in Sydney.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn
Union Jack Oil

More articles like this

Union Jack Oil

Oil prices steady as investors await key data

Oil prices were little changed on Tuesday as investors waited on data this week, including U.S. inflation indicators and a monthly report from the Organization of the Petroleum Exporting Countries. Brent crude futures fell 18 cents

Union Jack Oil

Union Jack Oil declares Dividend of 0.25 pence per share

Union Jack Oil plc (LON:UJO; OTCQB:UJOGF), a UK and USA focused onshore hydrocarbon production, development, exploration and investment company, has announced, further to its notification of 17 April 2024, the details of a dividend payable to shareholders. The

Union Jack Oil

Union Jack appoints Craig Howie as NED

Union Jack Oil plc has appointed Craig Howie as an independent non-executive director, with effect from 22 April 2024. He will be chairman of the audit committee and member of the remuneration committee when current NED