(Montel) Oil prices rose on Friday as Middle East tensions due to attacks by Iran-backed Houthi rebels in the Red Sea continued to spark concerns over supply and transit costs in the crude-producing Middle East.
The front-month contract for Brent crude North Sea oil was last seen up USD 0.62 at USD 80.01/bbl, while the WTI equivalent was USD 0.61 higher at USD 74.50/bbl.
Both contracts were set to see a second consecutive week of gains as concerns over the Red Sea supported the market, said market participants.
The number of shipping firms avoiding the route was increasing because of the attacks by…
