Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al-Saadi: There were concerns that Lahham would be placed under administrative detention.
Al-Saadi: The Israeli occupation authorities could not prove any allegations leveled against Nasser Lahham.
Lawyer Oussama al-Saadi: The oppressive Israeli measures of delaying Lahham's release had vengeful motives.
Nasser Lahham's lawyer said the journalist was released without any conditions or restrictions, adding that the conditions in which he was kept were terrible.
The Israeli occupation authorities release Al Mayadeen Palestine bureau chief Nasser al-Lahham.
Local Syrian sources: An Israeli airstrike targeted a tank and artillery battalion in the city of Izraa in the Daraa countryside
Al Mayadeen's correspondent in eastern Lebanon: 12 martyrs and 5 wounded in Israeli raids targeting the outskirts of Wadi Fa'ra in the northern Bekaa Valley
Local Syrian sources: More than 10 Israeli raids targeted Sweida, with information about more than five casualties from the Internal Security Forces
Local Syrian sources: Initial reports indicate that approximately 15 people were killed or wounded at the al-Radwan family's guest house in Sweida following a direct exchange of gunfire
Israeli media, citing Israeli political sources, reported that the Shas movement is expected to withdraw from the government within less than 24 hours

Global oil prices surge by 1% following escalations in West Asia

  • By Al Mayadeen English
  • Source: Agencies
  • 29 Jan 2024 13:48
  • 1 Shares
4 Min Read

Market analysts note that President Biden's commitment to respond to the drone attack could further intensify the market's stakes in the region.

  • x
  • Oil tanker Marlin Luanda on fire after an attack, in the Gulf of Aden,  Jan. 27, 2024 (AP)
    Oil tanker Marlin Luanda on fire after an attack, in the Gulf of Aden, Jan. 27, 2024 (AP)

Global oil prices experienced a surge on Monday following the spiking escalation of tensions in West Asia, most significantly in the Red Sea, which serves as a primary route for oil transportation. 

The instability and consequent irregularity of oil transport follow US-UK warmongering against Yemen and consequent aggression. 

Three days ago, the Yemeni Armed Forces targeted a British oil tanker in the Red Sea, which came as a retaliation to the joint British-American aggression against Yemen on January 12. 

With the onset of the genocidal aggression against Gaza, the Yemeni Armed Forces enforced a blockade on Israeli navigation in the Arabian and Red seas. The YAF recurrently reaffirmed their commitment to international navigation while exclusively preventing Israeli and "Israel"-bound ships from sailing through the Red Sea in an effort to build pressure on "Israel" to stop the genocide against the people of Gaza. 

Allowing for an easier and less costly genocide, the US and UK militarized the Red Sea and consequently launched attacks against Yemen. Following the aggression, Yemen expanded its bank of targets to include US and UK vessels, in addition to Israeli and "Israel"-bound vessels. 

In response to these developments, oil prices surged, increasing by over one percent (in relation to the two popularly used benchmarks of global oil prices: Brent and WTI).

Market analysts, including Andrew Ticehurst at the Japanese financial company Nomura, noted that President Biden's commitment to respond to the drone attack could further intensify the market's stakes in the region.

"The news of three US troops being killed by a drone attack, and President Biden saying 'we shall respond', will likely dial up the market’s focus on the region," he said. 

The escalations in the region are driven by "Israel's" ongoing aggression against Gaza, contributing to investor worries about a potential broader conflagration involving Iran and the United States.

Read more: Russia behind pro-Palestine protests: A new Pelosi conspiracy theory

Related News

Opposition slams Netanyahu over blocked October 7 commission

Capturing Kfar Aza took Resistance an hour; Israeli forces days: Probe

Middle East situation could push oil to $157 a barrel: World Bank 

Back in October, the World Bank warned that an escalation of the current war in Gaza may boost global oil prices as high as $157 per barrel in extensive interruption.

In its Commodity Markets Outlook, the World Bank warned that "in a 'large disruption' scenario—comparable to the Arab oil embargo in 1973— the global oil supply would shrink by 6 million to 8 million barrels per day. That would drive prices up by 56% to 75% initially—to between $140 and $157 a barrel."

Global oil prices could rise to between $93 and $102 per barrel in a "small disruption" scenario and between $109 and $121 in a "medium disruption" scenario.

Despite the fact that the world economy is currently doing better than it did in the 1970s, the World Bank issued a warning that the conflicts in the Middle East and Ukraine may force the world's commodity markets into uncharted territory.

Read more: Oil prices plunge over 2% after OPEC+ output cut missed expectations

Additionally, the World Bank stated that rising oil costs would have a detrimental impact on food prices.

The world witnessed oil prices skyrocket following the launch of Operation Al-Aqsa Flood, with benchmark oil contracts of Brent and WTI soaring over 5% in Asian deals before gradually easing back.

Global equity markets have been experiencing a shake ever since the launch, even though energy firms were given a push by higher oil prices, which in turn gave them higher profits.

Currencies like the dollar, yen, and Swiss franc, in addition to gold, have seen support while benefiting from their status as a haven investment during severe geopolitical turmoil.

The current events in the region have triggered fear with regard to inflation and spiked prices with central banks trying to soothe interest rate hikes to avoid recessions.

Read more: Oil deals struck far from the dollar, US loses shares in global market

  • Operation Al-Aqsa Flood
  • Palestine
  • Iraq
  • Israel
  • Oil
  • Yemen
  • Red Sea
  • Oil prices
War on Gaza

War on Gaza

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025
This satellite image from Planet Labs PBC shows damage after an Iranian attack at the al Udeid Airbase outside of Doha, Qatar, June 25, 2025 (Planet Labs PBC via AP)

Satellite images show Iran attack damaged US comms dome in Qatari base

  • Politics
  • 11 Jul 2025
An Israeli soldier abandons an excavator during an ambush by al-Qassam Brigades. Arabic text reads "The moment the soldier fled", July, 10, 2025 (Al Qassam Military Media)

Israeli media rue al-Qassam footage, alarmed by fighters among troops

  • Politics
  • 11 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Syrian government forces deploy at the Mazraa village on the outskirts of city of Sweida, where clashes erupted between Bedouin clans and Druze factions, southern Syria, Monday, July 14, 2025 (AP)
Politics

Gulf-backed negotiations underway in Syria's Sweida to end clashes

UN: 798 Palestinians killed while trying to reach aid in Gaza
Palestine

UN: 798 Palestinians killed while trying to reach aid in Gaza

A damaged car is seen at a field that was hit in an Israeli airstrike in Nabi Sheet village, in Lebanon's eastern Bekaa Valley, Wednesday, August 21, 2024 (AP)
Politics

Hezbollah condemns Israeli Bekaa massacre, urges action from Lebanon

Palestinians walk next to the closed humanitarian aid distribution center of UNRWA, the UN agency helping Palestinian refugees in Jabaliya, Gaza Strip, on Tuesday, April 29, 2025 (AP)
Politics

Israeli regime cuts electricity, water supplies to UNRWA Gaza offices

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS