Oil prices are progressing on Friday, due to fears about supply via the Red Sea and from Russia, ignoring Donald Trump’s last customs announcements on Canada.
“Oil prices remain supported”, especially because “maritime transport by the Red Sea could be more and more diverted” to avoid the area “following attacks by the Houthi rebels”, “which would extend the transport routes to Europe”, reports Barbara Lambrecht, from Commerzbank.
After several months of lull, the Houthis rebels of Yemen attacked the ship Magic Seas on Sunday, then the Eternity C on Monday and Tuesday, flowing the two buildings.
This last attack, one of the deadliest by the Houthis against the merchant navy left at least three people dead and a dozen disappeared, according to the aspid European mission.
In addition, “the United States could decide to impose new sanctions on Russia as early as next week,” added Ms. Lambrecht.
A Bipartisan American bill provides for the taxation of customs duties of around 500 % on products from countries which continue to buy Russian oil, gas or uranium.
Such a measure “would affect China and India, which bought around 70% of the Russian supply,” notes Ipek Ozkardeskaya, analyst at Swissquote.
The summer season also suggests higher petrol demand, between automotive and air trips.
Around 10:35 a.m. GMT (12:35 p.m. in Paris), the price of the Brent de la Mer du Nord, for delivery in September, took 0.60% to 69.05 dollars.
Its American equivalent, the barrel of West Texas Intermediate, for delivery in August, earned 0.68% at 67.02 dollars.
However, the International Energy Agency (IAI) has slightly revised its forecast for growth in oil demand for the year 2025.
In its monthly report in July published on Friday, the agency is counting on an increase of 700,000 barrels per day in 2025, which would constitute “its lowest rate since 2009, with the exception of the year COVVI 2020”.
Despite fears of a surplus market, the organization of oil exporting countries and its allies (OPEC+) recently announced a new increase in quotas than scheduled in August, in order to regain market share.