{"id":50980,"date":"2024-01-13T08:45:54","date_gmt":"2024-01-13T08:45:54","guid":{"rendered":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/oil-prices-surge-on-red-sea-escalation"},"modified":"2024-01-13T14:44:06","modified_gmt":"2024-01-13T14:44:06","slug":"oil-prices-surge-on-red-sea-escalation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/oil-prices-surge-on-red-sea-escalation","title":{"rendered":"Oil prices surge on Red Sea escalation"},"content":{"rendered":"

Africa-Press – South-Sudan. <\/strong><\/span>Oil prices surged four percent on Friday after US and UK forces launched strikes against Iran-backed Huthi rebels following their attacks on ships in the Red Sea, fuelling worries about a wider conflict in the crude-rich region.<\/p>\n

Tokyo and European stock markets ended the week with strong gains as traders brushed off data showing US inflation rose more than expected in December.<\/p>\n

Wall Street had ended flat on Thursday, while the dollar was closing the week with gains against the euro.<\/p>\n

That fed through to peers, with Gucci-owner Kering losing 1.7 percent in Paris, where LVMH was down 1.4 percent.<\/p>\n

The oil market was in sharp focus as US and British forces struck rebel-held Yemen on Friday after weeks of attacks on Red Sea shipping by the Iran-backed Huthis, who say they are acting in solidarity with Palestinians in war-ravaged Gaza.<\/p>\n

\u201cThe fear in the oil market is that the region is on an unpredictable escalating path, where at some point down the road supply of oil will indeed in the end be lost,\u201d noted Bjarne Schieldrop, chief commodities analyst at SEB bank.<\/p>\n

The Huthis have carried out a growing number of strikes on vessels in the Red Sea, a key international shipping route, since the Gaza war erupted in October.<\/p>\n

The attacks have affected trade flows at a time when supply strains are putting upward pressure on inflation globally.<\/p>\n

The jump in oil prices sparked concerns about a fresh spike in inflation that could complicate central bank efforts to cut interest rates.<\/p>\n

The US consumer price index rose more than forecast in December, dealing a blow to prospects that the Federal Reserve would start its rate-cutting cycle in March.<\/p>\n

Interest rates around the world had surged in 2022 and 2023 in a bid to cool decades-high inflation.<\/p>\n

While rates of price rises have slowed, inflation remains above target for the Fed, European Central Bank and Bank of England.<\/p>\n

\u2013 Key figures around 1100 GMT \u2013<\/p>\n

Brent North Sea Crude: UP 4.0 percent at $80.51 per barrel<\/p>\n

West Texas Intermediate: UP 4.0 percent at $74.88 per barrel<\/p>\n

London \u2013 FTSE 100: UP 0.8 percent at 7,635.09 points<\/p>\n

Paris \u2013 CAC 40: UP 1.0 percent at 7,462.96<\/p>\n

Frankfurt \u2013 DAX: UP 0.9 percent at 16,685.69<\/p>\n

EURO STOXX 50: UP 0.9 percent at 4,481.85<\/p>\n

Tokyo \u2013 Nikkei 225: UP 1.5 percent at 35,577.11 (close)<\/p>\n

Hong Kong \u2013 Hang Seng Index: DOWN 0.4 percent at 16,244.58 (close)<\/p>\n

Shanghai \u2013 Composite: DOWN 0.2 percent at 2,881.98 (close)<\/p>\n

New York \u2013 Dow: FLAT at 37,711.02 (close)<\/p>\n

Euro\/dollar: DOWN at $1.0962 from $1.0969<\/p>\n

Dollar\/yen: DOWN at 145.15 yen from 145.29 yen on Thursday<\/p>\n

Pound\/dollar: DOWN at $1.2754 from $1.2770<\/p>\n

Euro\/pound: DOWN at 85.93 pence from 85.94 pence<\/p>\n

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

Africa-Press – South-Sudan. Oil prices surged four percent on Friday after US and UK forces launched strikes against Iran-backed Huthi rebels following their attacks on ships in the Red Sea, fuelling worries about a wider conflict in the crude-rich region. Tokyo and European stock markets ended the week with strong gains as traders brushed off […]<\/p>\n","protected":false},"author":84,"featured_media":50979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,265,233],"class_list":["post-50980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-sudan","tag-south-sudan"],"yoast_head":"\nOil prices surge on Red Sea escalation - South Sudan<\/title>\n<meta name=\"description\" content=\"Oil prices surged four percent on Friday after US and UK forces launched strikes against Iran-backed Huthi rebels follow ...\" \/>\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\/south-sudan\/all-news\/oil-prices-surge-on-red-sea-escalation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices surge on Red Sea escalation\" \/>\n<meta property=\"og:description\" content=\"Oil prices surged four percent on Friday after US and UK forces launched strikes against Iran-backed Huthi rebels follow ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/oil-prices-surge-on-red-sea-escalation\" \/>\n<meta property=\"og:site_name\" content=\"South Sudan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-13T08:45:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-13T14:44:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2024\/01\/sm_1705124112.5437.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"473\" \/>\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\/south-sudan\/all-news\/oil-prices-surge-on-red-sea-escalation#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/oil-prices-surge-on-red-sea-escalation\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil prices surge on Red Sea escalation\",\"datePublished\":\"2024-01-13T08:45:54+00:00\",\"dateModified\":\"2024-01-13T14:44:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/oil-prices-surge-on-red-sea-escalation\"},\"wordCount\":429,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/oil-prices-surge-on-red-sea-escalation#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2024\/01\/sm_1705124112.5437.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Sudan\",\"South-Sudan\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/oil-prices-surge-on-red-sea-escalation#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/oil-prices-surge-on-red-sea-escalation\",\"url\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/oil-prices-surge-on-red-sea-escalation\",\"name\":\"Oil prices surge on Red Sea escalation - 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