Oil prices rise as tensions escalate in the Middle East. Threats in the Red Sea continued after a missile fired from Yemen hit an oil tanker heading to India.
Producer prices in the United States rose more than expected in January, which could exacerbate fears of inflation rising again. OPEC said in a monthly report that global demand for oil will rise by 2.25 million barrels per day in 2024 and 1.85 million barrels a day in 2025. The International Energy Agency said yesterday, Thursday, that the growth of global oil demand is slowing.