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Home Markets Commodities

Oil prices post highest level in 13 months amid rising Middle East strain

Olumide Adesina by Olumide Adesina
February 15, 2021
in Commodities
Oil prices post highest level in 13 months amid rising Middle East strain

A section of an oil refinery is guarded as it is brought on a lorry to the Kawergosk Refinery, some 20 kilometres east of Arbil, the capital of the autonomous Kurdish region of northern Iraq, on July 14, 2014. The International Energy Agency (IEA) said on July 11, that an offensive by jihadists in northern Iraq had cut output by 260,000 barrels a day in June to 3.17 million, after fighting forced the closure of the country's biggest refinery and slashed production from the giant Kirkuk field. (Photo credit should read SAFIN HAMED/AFP/Getty Images)

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Oil prices gained to the highest price level in more than a year as supply fears strengthened over rising tension in the Middle East prompted fresh buying.

At the time of writing this report, Brent crude surged by 1.8%, at $63.52 a barrel, after rallying to a session high of $63.76, the highest price sighted since Jan. 22, 2020.

Also, the U.S based oil contract, WTI futures gained  2.2%, to trade at $60.75 a barrel. It touched the highest since January 8, 2020.

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READ: Oil prices near $60 a barrel, OPEC+ stays resolute on supply cuts

It’s key to note that Oil prices had previously rallied by around 5% last week.

The Saudi-led coalition fighting in Yemen revealed late night yesterday that it had earlier destroyed an explosive-laden drone fired by an Iran supported rebel faction targeted towards Saudi Arabia thereby raising fears of fresh Middle East tensions.

Stephen Innes, Chief Global Market Strategist at Axi in a note to Nairametrics spoke on other macros pushing oil prices at record high;

“Finally, with the market-based inflation readings snapping back to pre-Covid-19 levels, commodities, particularly oil, provide an exacting breakeven hedge against inflation.

“So, the combination of mother nature supply disruption fusing with real demand and in addition to that in cross-asset trades using oi future as a perfect inflation hedge, February has surprisingly morphed into a mini oil supercycle.”

READ: CBN crypto ban and its ramifications for Nigerian banks

What to expect: Although recent comments from Russian Energy Minister, Alexander Novak reveal the Russians might decide to pump more oil into a properly controlled energy market amid soaring oil prices, still, the energy market continues to focus on inflation break-evens and good old mother nature.


Follow us for Breaking News and Market Intelligence.
Tags: Brent CrudeChief Global Market StrategistOilSaudi ArabiaStephen Innes
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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