(New York) Oil prices rose slightly on Thursday, driven by tensions in the Red Sea and the prospect of a cold snap in the United States while higher-than-expected American inflation raised fears for demand.
The price of a barrel of Brent from the North Sea, for delivery in March, rose 0.79% to $77.41.
Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery in February, gained 0.91% to $72.02.
Tamas Varga, analyst at PVM Energy, recalled that “tensions in the Middle East and the intensification of Houthi attacks against commercial vessels” in the Red Sea remain important factors supporting crude prices, especially if they are associated with “a state of force majeure” on a major Libyan oil field, which deprives the country of production of around 300,000 barrels per day.
Not to mention that on Thursday, Iran seized an oil tanker in the Gulf of Oman in retaliation for the “theft”, according to Tehran, by the United States of a large cargo of Iranian oil transported by this same ship last year , against a backdrop of heightened regional tensions.
American diplomacy urged Iran to “immediately” release this oil ship.
Since mid-November, the Houthis have carried out 26 attacks in the Red Sea, according to the US military, to the point where local container ship traffic has fallen by around 70%, founder Ami Daniel told AFP. and director of Windward, a maritime transport consulting and expertise company.
Added to these concerns which are driving prices up is the prospect of a cold snap in the United States which could impact production.
“A cold snap has various consequences: on the one hand, people no longer go out, no longer drive” which can reduce demand, “on the other, there is a risk of a reduction in production, because refineries cannot work,” warned Phil Flynn of Price Futures Group.
According to the analyst, crude oil prices are “nervously” tossed between “risks for supply” linked to the geopolitical situation and “fears for demand linked to still high American inflation” which could lead to lower rates. high interest rates for longer.