Oil prices rise amid renewed geopolitical tensions

17/03/2025 Argaam

Oil prices rise amid renewed geopolitical tensions

Oil drilling rigs


Oil prices closed positive today, March 17, after the US pledged to continue attacking the Houthis in Yemen. Meanwhile, Chinese economic data boosted hopes of a rise in demand.

 

Brent crude futures for May delivery rose 0.7%, or 49 cents, to $71.07 a barrel.

 

WTI crude futures for April delivery gained 0.6%, or 40 cents, to $67.58 a barrel.

 

President Donald Trump said today that he would hold Iran responsible for any attacks carried out by the Tehran-backed Houthi group in Yemen, as his administration expanded its largest US military operation in the Middle East since his return to the White House, Reuters reported.

 

retail sales rose by 4% in the January-February period from a year ago, compared with the 3.7% year-on-year growth in December, supporting policymakers' efforts to boost domestic consumption.

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