Oil prices fluctuated on Friday but are on track to end the week higher amid continued Middle East tension and potential disruption to oil supplies from the region.
Brent, the benchmark for two thirds of the world’s oil, dropped 0.54 per cent to close at $78.56 a barrel.
West Texas Intermediate, the gauge that tracks US crude, dropped 0.67 per cent to close at at $73.41 a barrel.
“While the price of crude remains sensitive to events in the Middle East, as we've seen over the last couple of weeks, the oil market remains well-balanced, which is why we're not seeing prices higher,” said Craig Erlam, a senior market analyst at Oanda.
Geopolitical tension in the Middle East is continuing to rise amid the Israel-Gaza conflict, stoking fears that it could engulf the entire region and disrupt oil supplies from the Middle East.
Yemen’s Houthi militants, who say they are acting in solidarity with Palestinians, intensified attacks on ships passing through the Red Sea, a key waterway connecting Asia and Europe.
Bab Al Mandeb, on the southern edge of the Red Sea, is a route for oil tankers and cargo ships sailing between the Arabian Gulf and Asia, as well as to Europe through the Suez Canal.
About 12 per cent of the world's seaborne oil trade and 8 per cent of liquefied natural gas pass through the strait.
Many shipping companies have suspended their operations along the Red Sea and are forced to travel through the longer Cape of Good Hope route at the southern tip of Africa to transport goods to Europe and other destinations amid Houthi attacks.
“The maritime disruptions in the Red Sea could have potential consequences on the crude oil price in 2024,” said Ritu Singh, regional director of Stone X Group.
Watch: US strikes Houthis for fourth time as Biden says attacks will continue
“The Red Sea is a crucial route for oil transportation, with an estimated seven million barrels a day of oil and products flowing through the Bab Al Mandeb Strait. Recent incidents in this area left oil tanker traffic exposed to risks and led some oil and shipping companies to avoid the Suez Canal route.”
Bullish demand forecasts by Opec have also been supporting oil prices.
Global oil demand growth is expected to record “robust” annual growth of 1.8 million barrels per day in 2025, Opec said in its monthly report on Wednesday.
Demand in Organisation for Economic Co-operation and Development member countries is expected to grow by 0.1 million bpd, while demand in the non-OECD states is forecast to increase by 1.7 million bpd, according to the Opec report.
“Oil prices are rising after a deepening geopolitical crisis in the Middle East,” said Fiona Cincotta, senior market analyst at Forex.com.
“Other incidents like Iran capturing an oil tanker off the coast of Oman and the US-led coalition launching multiple attacks on Yemen have kept oil prices on track.”
The US carried out more strikes on the Houthis on Thursday, destroying anti-ship missiles the White House said the Iran-backed rebels were planning to use for attacks in the Red Sea.
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'Tell the Machine Goodnight' by Katie Williams
Penguin Randomhouse
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
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ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
THE BIO
BIO:
Born in RAK on December 9, 1983
Lives in Abu Dhabi with her family
She graduated from Emirates University in 2007 with a BA in architectural engineering
Her motto in life is her grandmother’s saying “That who created you will not have you get lost”
Her ambition is to spread UAE’s culture of love and acceptance through serving coffee, the country’s traditional coffee in particular.
Genesis G80 2020 5.0-litre Royal Specs
Engine: 5-litre V8
Gearbox: eight-speed automatic
Power: 420hp
Torque: 505Nm
Fuel economy, combined: 12.4L/100km
Price: Dh260,500
The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
UAE currency: the story behind the money in your pockets
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
MORE ON TURKEY'S SYRIA OFFENCE
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Killing of Qassem Suleimani
More from Rashmee Roshan Lall
KILLING OF QASSEM SULEIMANI
Gulf rugby
Who’s won what so far in 2018/19
Western Clubs Champions League: Bahrain
Dubai Rugby Sevens: Dubai Hurricanes
West Asia Premiership: Bahrain
What’s left
UAE Conference
March 22, play-offs:
Dubai Hurricanes II v Al Ain Amblers, Jebel Ali Dragons II v Dubai Tigers
March 29, final
UAE Premiership
March 22, play-offs:
Dubai Exiles v Jebel Ali Dragons, Abu Dhabi Harlequins v Dubai Hurricanes
March 29, final
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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