Posted on 01/18/2022 10:47:19 AM PST by BenLurkin
The United Arab Emirates has vowed to retaliate against Houthi militants for a deadly attack on its capital Abu Dhabi on Monday that killed three people, as fresh tensions in the region helped push oil prices to their highest level in seven years.
International benchmark Brent crude futures rose 0.9% to $87.24 per barrel, while U.S. West Texas Intermediate futures jumped 1.6% to $85.16 per barrel. Both oil contracts notched their highest level since October 2014 earlier in the day after a subdued trading day on Monday as U.S. markets were closed for a public holiday.
Energy analysts have attributed oil’s bullish run over recent weeks to signs of tightness in the market and persistent worries of a Russian incursion into Ukraine. The rising threat of a further deterioration in the Middle East’s security climate has provided further support to oil prices, prompting some to forecast a return to triple digits.
Yemen’s Houthi rebels claimed responsibility for the attack, which took place Monday morning and caused fires that resulted in three petroleum tanker explosions near state oil firm ADNOC’s storage facilities. The fires began in the industrial area of Musaffah and at a construction site near Abu Dhabi International Airport in the UAE capital, Abu Dhabi police said in a statement, adding that they believe the attack was carried out by drones.
One Pakistani and two Indian nationals died as a result of the attacks.
(Excerpt) Read more at cnbc.com ...
When three tankers are attacked by Houthi militants ( Iranian surrogates)
of course the price for energy fuels will go up.
Perhaps Bliniken and BIden will send a sternly worded post-it note !
The Houthi should have been declared a "terrorist organization" years ago.
Thank you so much, joe biden, for making my gasoline again subject to the whims of insane camel jockeys on the other side of the world.
Nobody is more bullish on oil and gas than Joe Biden.
Even more money flowing into Texas with their over 5 million barrels of oil produced per day.
“Nobody is more bullish on oil and gas than Joe Biden.”
And nobody is freaking out more than Europe, be glad we aren’t in their pathetic self-immolated position.
“After one month of reverse flows via the Yamal pipeline, Russian gas giant Gazprom sent shockwaves across Europe again by not booking any gas capacity to Europe through Yamal in February 2022.”
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