Oil prices increased during the week ending Jan. 12, with escalating tension in the Red Sea after US and UK attacks on Yemen.
International benchmark Brent crude traded at $80.50 per barrel at 2.24 p.m. local time (1124 GMT) on Friday, increasing by nearly 2.2% relative to the closing price of $78.76 a barrel on Friday last week.
West Texas Intermediate (WTI), the American benchmark, traded at $74.99 a barrel at the same time on Friday, for a rise of around 1.6% from last Friday's session that closed at $73.81 per barrel.
Prices surged during the week over escalating tensions in the Red Sea region, supply disruptions in Libya and US and UK attacks on Yemen.
Concerns about global supply struggles were triggered on Sunday after Libya's National Oil Corporation declared a force majeure at the Sharara oilfield in southern Libya amid fuel shortage protests, suspending the field’s daily output capacity of 300,000 barrels for the Zawiya terminal.
The struggle between Gaza and Israel ramped up during the week, with Israel's military chief Herzi Halevi saying the war in Gaza will likely continue throughout the year, adding that 2024 will be 'tough.'
The Israeli army announced that it had assassinated Hasan Okasha, a military leader for the Hamas group in Syria, alleging he was involved in firing rockets towards Israel.
Houthis in Yemen have targeted commercial ships in retaliation for Israel's attacks on Gaza since late last year. In response, many shipping companies decided to stop their voyages in the Red Sea, causing concern about trade disruptions.
Late Thursday night, the US and UK carried out strikes on multiple Houthi targets in Yemen in what US President Joe Biden said was 'in direct response to unprecedented Houthi attacks against international maritime vessels.'
'I will not hesitate to direct further measures to protect our people and the free flow of international commerce as necessary,' Biden added.
The Houthis have carried out 27 attacks in the Red Sea since Nov. 19, the US military said early Thursday.
By Zeynep Beyza Kilic
Anadolu Agency
energy@aa.com.tr