Middle East tensions push oil prices up

Tensions in the Middle East continue to be the main factor pushing oil prices up. Illustration photo: Oil and Gas Group

Specifically, Brent oil price increased by 0.74% to 83.22 USD/barrel. US WTI oil price increased by 1.49% to 79.19 USD/barrel.

Brent oil price is trading at 83.22 USD/barrel. Photo: screenshot

For the week, Brent rose more than 1% and WTI rose about 3%. Both oil benchmarks posted their second weekly gain after a strong gain of nearly 6% the previous week.

Oil prices have maintained their upward momentum, supported by the growing risk of conflict in the Middle East.

On February 15, Hezbollah said it fired dozens of rockets at a northern Israeli town in response to Israeli attacks that killed 10 civilians in southern Lebanon.

Meanwhile, Gaza's largest hospital is under siege in the conflict between Israel and Hamas, as Israeli forces deploy warplanes in Rafah, the last Palestinian refuge in the enclave.

Meanwhile, threats remain in the Red Sea after a missile fired from Yemen hit an oil tanker carrying crude oil to India.

Limiting the rise in oil prices was a report from the International Energy Agency (IEA) saying that global oil demand is losing momentum, forcing the IEA to cut its 2024 growth forecast from 1.24 million barrels per day to 1.22 million barrels per day.

On the US side, the country's producer price index (PPI) rose 0.3% in January, higher than expected amid a sharp rise in service costs. This could raise concerns about inflation. However, falling retail sales have fueled hopes that the Fed will soon start cutting interest rates, which could support oil demand.

The retail price of gasoline in the country on February 17 is as follows: E5 RON 92 gasoline is not more than VND 22,831/liter; RON 95-III gasoline is not more than VND 23,919/liter; diesel oil is not more than VND 21,361/liter; kerosene is not more than VND 21,221/liter; fuel oil is not more than VND 15,906/kg.

Source: https://laodong.vn/kinh-doanh/cang-thang-tai-trung-dong-day-gia-dau-leo-doc-1304870.ldo