SINGAPORE (dpa-AFX) – Oil prices rose on Tuesday due to tensions in the Red Sea. A barrel (159 liters) of North Sea Brent for delivery in March cost $78.55 in the morning. That was $1.51 more than Friday. The price of a barrel of American West Texas Intermediate (WTI) for delivery in February rose by $1.26 to $72.91.
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The market highlighted tensions in the Red Sea, which is an important shipping route for international trade and the transport of crude oil. Most recently, Iran said it sent a warship into the Red Sea. The frigate “Albors” passed through the Bab al-Mandab Strait, as the online portal “Nur News” reported on Monday.
Since the beginning of the war in the Gaza Strip, an increasing number of merchant ships in the Red Sea have been attacked by the Iran-backed Houthi rebels in Yemen, which has already temporarily driven up oil prices in recent weeks. The US accuses the Islamic Republic of being involved in planning the attacks. Tehran rejects the allegations./jkr/mis