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Brent crude oil rose 1.5% in early trading in Asia late Monday after a drone attack by Iran-backed Houthi terrorists killed three US service members in Jordan, in a attack that will surely increase the pressure on President Biden will confront Iran directly.
The attack, which also wounded at least 25 service members, marked the first American death due to enemy fire since the war between Israel and Hamas began.
March 1 Brent crude (CO1:COM) recently traded up about 1% at $84.38/bbl after hitting a high of $84.80/bbl, while U.S. WTI crude ( CL1:COM) rose to 79.10 $/bbl on the Nymex.
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Late last week, a Houthi missile struck an oil tanker carrying a cargo of Russian fuel in the Red Sea, capping a week that saw U.S. crude oil rise to its highest since mid-November.
“While global oil prices have yet to fully reflect the growing tensions in the Red Sea, the weekend’s events will likely catalyze a review of expected outcomes for both security of supply and oil prices,” said analyst Michael of RBC Capital. Tran wrote in response to the events.