Global Oil Prices Rise Amidst Heightened Houthi-US Tensions in the Red Sea

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Erlina Fury Santika 12/01/2024 19:53 WIB

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Brent and WTI benchmark oil prices rose amid the escalating conflict between the Yemeni Houthis and the United States and its ally, the United Kingdom.

Daily Prices of Brent and WTI Crude Oil Futures (January 2023-January 2024)*

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Global Oil Prices Rise Amidst Heightened Houthi-US Tensions in the Red Sea

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Daily Prices of Brent and WTI Crude Oil Futures (January 2023-January 2024)*

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Yemen's Houthi group launched retaliatory airstrikes against US and UK warships in the Red Sea on Friday, January 21, 2024.

Abdul Salam Jahaf, a senior Houthi member, stated that the airstrikes were in retaliation for the US and UK bombing several Yemeni cities earlier that Friday morning, as reported by CNN Indonesia.

Hussein Al Ezzi, Yemen's Deputy Foreign Minister in the Houthi regime, warned the US and UK to expect severe consequences for their overt aggression. "Our country has been subjected to a massive aggressive attack by American and British ships, submarines, and fighter jets. America and Britain must be prepared to pay a heavy price and bear all the dire consequences of this blatant aggression," said Al-Ezzi, as reported by CNN.

Meanwhile, US President Joe Biden asserted that the joint US-UK military strikes against the Houthis in Yemen were "self-defense."

As reported by Detik.com citing AFP, Biden also warned of further action if the Iran-backed Houthis continued attacking ships in the Red Sea.

Biden argued that the military intervention was necessary because Houthi attacks in the Red Sea endangered one of the world's most important waterways. "These attacks have endangered US personnel, civilian sailors, and our partners, jeopardized commerce, and threatened freedom of navigation," Biden said in a statement.

Amidst this escalating conflict, global crude oil prices have strengthened over the past two days.

Data from Investing.com shows that Brent crude futures were priced at US$76.80 per barrel on Wednesday, January 10, 2024.

The price then increased by 0.79% to US$77.41 per barrel on Thursday, January 11, 2024, and rose again by 4.08% to US$80.57 per barrel on Friday, January 12, 2024, at 7 PM WIB.

Meanwhile, West Texas Intermediate (WTI) crude futures were recorded at US$71.37 per barrel on Wednesday, January 10, 2024.

The price also increased by 0.91% to US$72.02 per barrel on Thursday, January 11, 2024, and surged by 4.25% to US$75.08 per barrel on Friday, January 12, 2024.

(See also: Crude Oil Prices Decline Throughout Q4 2023)

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."