Oil Prices Edge Up Amid Lingering Supply Disruption Fears

Deep News07:41

Oil prices saw a modest increase during early trading, driven by ongoing concerns over potential supply disruptions. Analysts from ANZ Research noted in a report that while Iran and Israel have indicated a desire to avoid escalating hostilities, the Yemen-based Houthi group has declared a comprehensive ban on Israeli vessels navigating the Red Sea.

These analysts added that this move "heightens the risk to one of the key alternative routes for Saudi Arabian crude to reach international markets," despite some uncertainty regarding the exact definition of an Israeli vessel. The front-month West Texas Intermediate crude futures contract rose by 0.1%, reaching $91.40 per barrel.

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