Oil rises as geopolitical issues take centre stage

Oil tanks at the GS Caltex oil refinery facility in the Yeosu Industrial Complex in Yeosu, South Korea on January 21 2022. Picture: SEONGJOON CHO/BLOOMBERG

“Oil prices are profiting from supply risks and geopolitical tensions,” said Commerzbank analyst Carsten Fritsch. In the Middle East, the UAE intercepted and destroyed two Houthi ballistic missiles targeting the Gulf country on Monday after a deadly attack a week earlier.

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