Oil prices rose in early trade on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola’s decision to leave OPEC raised questions over the group’s effectiveness in supporting prices. Brent crude futures were up 23 cents, or 0.3%, to $79.62 a barrel by 0121 GMT, while U.S. West Texas Intermediate crude futures were up 22 cents, also 0.3%, at $74.11 a barrel. More maritime carriers are avoiding the Red Sea due to vessel attacks carried out in support of Palestinians by Yemeni Houthi militant group, causing global trade disruptions through the Suez Canal, which handles about 12% of worldwide trade.
Oil prices rose in early trade on Friday as tensions persisted in the Middle East following Houthi attacks on ships in the Red Sea, although Angola’s decision to leave OPEC raised questions over the group’s effectiveness in supporting prices.
