{"id":28141,"date":"2024-03-12T17:04:08","date_gmt":"2024-03-12T17:04:08","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-up-over-escalating-tensions-in-middle-east-positive-demand-outlook"},"modified":"2024-03-12T17:41:46","modified_gmt":"2024-03-12T17:41:46","slug":"oil-prices-up-over-escalating-tensions-in-middle-east-positive-demand-outlook","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-up-over-escalating-tensions-in-middle-east-positive-demand-outlook","title":{"rendered":"Oil prices up over escalating tensions in Middle East, positive demand outlook"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>Oil prices increased on Tuesday with greater supply risks with the rising conflict in the Middle East, while investors await several key supply and demand data sets from the Organization of Petroleum Exporting Countries (OPEC) as well as inflation data from the US Federal Reserve (Fed).<\/p>\n

International benchmark Brent crude traded at $82.61 per barrel at 10.41 a.m. local time (0741 GMT) for an 0.48% increase from the closing price of $82.21 a barrel in the previous trading session.<\/p>\n

The American benchmark West Texas Intermediate (WTI) traded at $78.25 per barrel at the same time, a 0.41% rise from the previous session that closed at $77.93 per barrel.<\/p>\n

Oil prices rose in early Asian trade on Tuesday following US and British airstrikes on Yemen\u2019s coastal province of Al Hudaydah on Monday.<\/p>\n

Subsequently, the Houthi group declared that it considered all American and British ships legitimate military targets.<\/p>\n

As the Red Sea is one of the world\u2019s most frequently used sea routes for oil and fuel shipments, the escalating tension in the region between the joint forces of the UK and US against the Houthi group raised supply fears and placed upward pressure on oil prices.<\/p>\n

The Houthis state their attacks aim to pressure Israel to halt its deadly onslaught on the Gaza Strip, which has killed more than 30,800 people and injured over 72,200 others since an Oct. 7 cross-border offensive by the Palestinian group Hamas.<\/p>\n

Investors are additionally focused on the upcoming monthly oil market reports.<\/p>\n

The OPEC and the Energy Information Administration (EIA) will release related reports later on Tuesday, while the International Energy Agency (IEA) report will come online on Thursday.<\/p>\n

\u201cWhile we believe the estimates will be largely unchanged, any upside surprise will ease demand concerns,\u201d according to Daniel Hynes, a commodity strategist at Australia and New Zealand Banking Group.<\/p>\n

Ahead of the Fed’s announcement late Tuesday of key inflation statistics, investors are taking a cautious stance.<\/p>\n

While uncertainties continue as to when the Fed will start interest rate cuts, experts predict that Tuesday\u2019s inflation data may provide investors with clues about the bank\u2019s future steps.<\/p>\n

For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. Oil prices increased on Tuesday with greater supply risks with the rising conflict in the Middle East, while investors await several key supply and demand data sets from the Organization of Petroleum Exporting Countries (OPEC) as well as inflation data from the US Federal Reserve (Fed). International benchmark Brent crude traded at […]<\/p>\n","protected":false},"author":84,"featured_media":28140,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[242,243,1215,233,1290,1217,834,3574,2306],"class_list":["post-28141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-eritrea","tag-brent","tag-eritrea","tag-fed","tag-oil-prices","tag-opec","tag-red-sea","tag-west-texas-intermediate"],"yoast_head":"\nOil prices up over escalating tensions in Middle East, positive demand outlook - Eritrea<\/title>\n<meta name=\"description\" content=\"Oil prices increased on Tuesday with greater supply risks with the rising conflict in the Middle East, while investors a ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-up-over-escalating-tensions-in-middle-east-positive-demand-outlook\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices up over escalating tensions in Middle East, positive demand outlook\" \/>\n<meta property=\"og:description\" content=\"Oil prices increased on Tuesday with greater supply risks with the rising conflict in the Middle East, while investors a ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-up-over-escalating-tensions-in-middle-east-positive-demand-outlook\" \/>\n<meta property=\"og:site_name\" content=\"Eritrea\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-12T17:04:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-12T17:41:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/03\/sm_1710252524.330988.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-up-over-escalating-tensions-in-middle-east-positive-demand-outlook#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-up-over-escalating-tensions-in-middle-east-positive-demand-outlook\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil prices up over escalating tensions in Middle East, positive demand outlook\",\"datePublished\":\"2024-03-12T17:04:08+00:00\",\"dateModified\":\"2024-03-12T17:41:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-up-over-escalating-tensions-in-middle-east-positive-demand-outlook\"},\"wordCount\":369,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-up-over-escalating-tensions-in-middle-east-positive-demand-outlook#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/03\/sm_1710252524.330988.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eritrea\",\"Brent\",\"Eritrea\",\"FED\",\"oil prices\",\"OPEC\",\"Red sea\",\"West Texas Intermediate\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-up-over-escalating-tensions-in-middle-east-positive-demand-outlook#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-up-over-escalating-tensions-in-middle-east-positive-demand-outlook\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/oil-prices-up-over-escalating-tensions-in-middle-east-positive-demand-outlook\",\"name\":\"Oil prices up over escalating tensions in Middle East, positive demand outlook - 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