The United States and Great Britain last night launched a major attack against Houthi rebels in Yemen. The aim is to stop attacks on shipping in the Red Sea. Yemen attacks ships bound for Israel in response to Israel’s warfare against Hamas. The turmoil in the Middle East affects the price of oil. Since last night, oil prices have risen 2.2 per cent and are now up to 80 dollars a barrel. – It is quite common to see a change. This one is not that big. The reason why the change is not so great is that the attack has not affected the oil production in the area, says oil analyst Bjarne Schieldrop at the corporate bank SEB. Bjarne Schieldrop, chief analyst for raw materials at SEB. Photo: SEB Senior economist Oddmund Berg at DNB says the risk of oil production falling and oil prices rising is slightly higher after what happened last night. – If someone fears that something may happen to the supply of oil, then it may be that they want to secure themselves more than otherwise. Then the oil price will go up, says Berg. Hit 80 dollars a barrel The oil price has remained stable throughout Friday morning, but right around 12.00 it hit 80 dollars a barrel. The oil price was in a long period of decline this autumn. But now it is on the way up again. On Thursday morning last week, a barrel of North Sea oil cost just under 79 dollars after it was traded for less than 75 dollars on Wednesday morning. – If the unrest in the Middle East goes beyond oil production, then the price can go up a lot, says Schieldrop. Want it up to 90 dollars It is the attack against Israel on 7 October and the war against Hamas in Gaza that lies at the bottom and spreads unrest in the Middle East according to Schieldrop. – What is happening in Yemen is a symptom of the crisis Gaza has created. If it had been an isolated incident that the Houthis attacked the shipping traffic, then the US and the UK would have achieved what they wanted. But now the fear is that the unrest will spread to major oil producers. Energy analyst Thina Saltvedt. Photo: Nordea The world’s most important oil production takes place in the Middle East. According to energy analyst Thina Saltvedt, Opec+ wants the oil price to hit $80 and ideally go up to $90. – It has not happened because American manufacturers have turned up production. The US thus has a larger buffer against price increases, says Saltvedt. But if the conflict in the Middle East increases and Iran and Oman become more involved, there could be major consequences. The two countries are on opposite sides of the Strait of Hormuz and on opposite sides of the conflict. – The oil market is fragile. There is little extra to go on, and if buyers fear that there will be a shortage of oil, they will buy more to ensure enough oil. This increases the price.
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The oil price rises due to the attack in Yemen – news Rogaland – Local news, TV and radio
