Oil jumps over 2% on Middle East strife and US rate cut hopes

Posted on:
Key Points

LONDON (Reuters) -Oil jumped over 2% on Tuesday to the highest in almost a month, supported by Middle East strife and investor optimism that the U.S. Federal Reserve would soon start cutting interest rates, boosting global economic growth and fuel demand...

The rally, in thin trade with some markets closed for public holidays, added to last weeks gains of about 3% after Houthi attacks on ships disrupted global shipping and trade while the Israel-Hamas conflict shows no sign of easing...

Brent crude futures were up by $1.79, or 2.3%, at $80.86 a barrel by 1453 GMT and earlier reached $81.23, the highest since Dec. 1..

The lack of oil supply disruptions is offsetting the support to prices from ongoing geopolitical tensions in the Middle East, said UBS analyst Giovanni Staunovo...

Two explosions in the Red Sea were reported by a vessel sailing off the coast of Yemen on Tuesday shortly after two unmanned aircraft were sighted, a British maritime authority said...

You might be interested in

US relists Yemen's Houthis as terror group, shipping trades fear lengthy Red Sea crisis

17, Jan, 24

The US has relisted Yemen's Houthis as global terror group following their attacks on a number of ships in the Red Sea, which has slowed down trade between Asia and Europe since November 2023 and triggered concerns of a lengthy crisis.

How Yemeni Houthi rebel attacks on ships in the Red Sea are crimping global trade

12, Jan, 24

The impact struck home Friday when electric car maker Tesla said it had to shut down its factory outside Berlin from Jan. 29 to Feb. 11 due to delays in supply chains, and as U.S.-led airstrikes hit what the Navy said were Houthi missile and drone launch sites in Yemen.

Oil down $1 as investors watch Red Sea developments

27, Dec, 23

By Robert Harvey LONDON (Reuters) -Oil prices fell by $1 a barrel on Wednesday, eating into the previous day's gains as investors monitored developments in the Red Sea, where shippers are returning

Oil edges lower as U.S. launches Red Sea task force

19, Dec, 23

By Alex Lawler LONDON (Reuters) - Oil edged lower on Tuesday after the United States announced the creation of a task force to safeguard Red Sea commerce from attacks by Iran-backed Yemeni militants,

Oil steadies as investors eye Middle East tensions and US rate cut

26, Dec, 23

By Alex Lawler LONDON (Reuters) -Oil steadied on Tuesday, finding support from geopolitical tensions in the Middle East and investor optimism that the U.S. Federal Reserve would soon start cutting

Oil jumps over 2% amid Red Sea vessel attacks, rate cut hopes

27, Dec, 23

By Arathy Somasekhar and Georgina McCartney HOUSTON (Reuters) -Oil climbed more than 2% on Tuesday to its highest level this month, as further attacks on ships in the Red Sea prompted fears of

Oil jumps 3% on Middle East strife, US rate cut hopes

27, Dec, 23

By Arathy Somasekhar and Georgina McCartney HOUSTON (Reuters) -Oil jumped 3% on Tuesday to its highest level this month, as further attacks on ships in the Red Sea prompted fears of shipping

Oil steady as traders monitor Red Sea tensions, U.S. supply

20, Dec, 23

By Florence Tan and Jeslyn Lerh SINGAPORE (Reuters) - Oil was little changed on Wednesday as investors kept an eye on the situation in the Red Sea after the recent attacks by Iran-aligned Yemeni