Oil falls in price after Israel announces end of strikes on Gaza
Oil prices fell in early trading on February 12 after Israel said it had ended a series of strikes on southern Gaza, easing concerns about supplies from the Middle East.
This is reported by Reuters.
Futures for Brent crude oil fell by $0.29 to $81.9 per barrel, while futures for US West Texas Intermediate crude oil fell by $0.28 to $76.56 per barrel.
It is noted that geopolitical risks, including fears of an expansion of the Israeli-Palestinian conflict in the region and potential disruptions to oil supplies in the Middle East, pushed oil prices up by about 6% last week.
On February 12, the Israeli military announced that it had conducted a "series of strikes" in southern Gaza, days after Israeli Prime Minister Benjamin Netanyahu rejected a ceasefire proposal from Hamas.
"Logistical disruptions in the Red Sea remain a focus for investors. The UK Maritime Trade Operations Agency (UKMTO) reported that it had received a report of a ship being fired upon by two missiles south of the Yemeni city of Al-Mukha," the publication said.
It adds that Iranian-aligned Houthi militants in Yemen, who control the most densely populated regions of the country, have repeatedly launched drones and fired missiles at commercial vessels since mid-November. They claim that these attacks are a response to Israeli military actions.
Author - Olena Madiak, 12/02/2024
