Oil prices rose slightly on Monday.
By midday they had given back some of the gains from early trading and thus did not continue the significant increase of the past trading days for the time being. A barrel (159 liters) of North Sea Brent for delivery in March last cost 83.63 US dollars. That was eight cents more than on Friday. The price for a barrel of the American variety West Texas Intermediate (WTI) also rose slightly by seven cents to $78.08.
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Last week, crude oil prices rose about five dollars. The decisive factor is increasing tensions in the Middle East, in the region around the Red Sea. On Friday, Yemeni Houthi rebels said they attacked a British tanker in the Gulf of Aden. Three US soldiers were killed in a drone attack in Jordan over the weekend. The risk of an expansion of the Gaza war increases with what is happening.
The Middle East is a particularly oil-rich region. There is also an important sea route for oil transport, the Red Sea, which connects Asia with Europe via the Suez Canal. This transport route is currently largely avoided because Houthi militias supported by Iran repeatedly attack ships in the region.
SINGAPORE (dpa-AFX)