Crude oil prices increase by 1%

Moscow: At the beginning of New Year 2024, the prices of crude oil recorded an increase of one percent.

The risks of the Israel-Gaza conflict turning into a regional conflict are increasing, due to which oil prices also recorded an increase of one percent on Tuesday.

The price of Brent crude rose $1.03, or 1.3 percent, to settle at $78.07 per barrel. While U.S. West Texas Intermediate crude gained 88 cents, or 1.2 percent, to settle at $72.53 a barrel.

It is pertinent to note that last weekend, US helicopters repelled an attack by Houthi rebels on the Maersk container ship in the Red Sea, as a result of which three Houthi ships sank and 10 militants were killed.

The Red Sea skirmish at the start of the New Year focused on potential disruptions to Middle Eastern supplies and expectations of Chinese economic stimulus have boosted the demand outlook in the world's biggest crude importer.