2024-01-13 15:00:22
The oil markets have been going through a period of uncertainty for several weeks. Oil prices are up and down. They increase and decrease in particular according to geopolitical events. Indeed, tensions in the Red Sea have had a significant impact on the price of a barrel. This Saturday, January 13, prices are on the rise, hence the question regarding their impact on fuel prices in France.
The situation in the Red Sea remains worrying for world trade. Houthi rebel attacks on shipping are pushing many shipping companies and some liquefied natural gas (LNG) carriers to avoid the world’s main east-west trade route. In response to the attacks by these Yemeni groups, the Americans and British responded with strikes on Yemen.
As a result, some tankers turned away from the Red Sea, pushing up oil prices. This Saturday, January 13, Brent is trading at 78.32 USD. For its part, American West Texas Intermediate crude was sold at 73.64 USD. The increase is not significant given that prices have not yet reached their levels of a few months ago. However, the market needs to be monitored and prices might spike at any time if the situation in the Red Sea gets bogged down.
It must be said that the markets quickly reacted to the dozens of airstrikes launched on Yemen by American and British warplanes, ships and submarines. Indeed, oil prices gained several dollars before stabilizing. However, the deterioration of the geopolitical situation in the Middle East has run out of steam, due to a lack of direct effect on supply.
What impact on fuel prices in France?
It must be said that the Red Sea is one of the major routes, particularly for connections between Asia and Europe. 20,000 ships pass through the Suez Canal each year, the entry and exit point for boats using this “ highway of the sea », connecting the Mediterranean to the Indian Ocean, and therefore Europe to Asia. The interruption of passage through this sea therefore has several repercussions on the world economy. Oil prices, which have calmed down, are starting to rise little by little due to these attacks.
However, the increase is not significant. Prices remain in the low range at the start of this year. Therefore, these current increases will not have a big impact on fuel prices in France, which have relatively stabilized following a long period of increase followed by another of decline.
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