Oil prices rise due to escalation in Middle East

Oil prices rose on January 12 morning due to escalating tensions in the Middle East, Report informs referring to Interfax.

March Brent futures rose in price on the London ICE Futures exchange by $1.36 (1.76%) to $78.78 per barrel.

February futures for WTI rose in price on the New York Mercantile Exchange NYMEX by $1.34 (1.86%) to $73.36 per barrel.

The price of WTI has not fallen below the long-term support level of around $70 per barrel since the beginning of 2024, said Tyler Richey, editor of Sevens Report Research.

The main reason is the geopolitical uncertainty surrounding the widening conflict between Israel and Hamas, as well as related attacks by the Iran-backed Houthis on ships in the Red Sea, he added.