The United Arab Emirates and the Iran-aligned Houthi group hailed a ‘truce’ that would pause military operations on the Saudi-Yemeni border, alleviating some fears about future supply shortages.<\/p>\n\n\n\n
The early losses this week follow a drop in oil prices of approximately 13% last week, the worst weekly drop in two years, when US President Joe Biden announced the largest-ever release of US oil reserves.<\/p>\n\n\n\n
By 2223 GMT, Brent crude futures had fallen $1.01, or 1%, to $103.38 a barrel. WTI crude futures slid 84 cents to $98.43 a barrel, or 0.9 percent.<\/p>\n\n\n\n
The announcement of a UN-brokered cease-fire in Yemen has been hailed by the United Arab Emirates (UAE), according to the UAE’s national news agency WAM. The Iran-aligned Houthi group, which has been fighting a coalition in Yemen that includes the UAE, has also expressed its gratitude for the cease-fire.<\/p>\n\n\n\n
According to a UN envoy, the statewide cease-fire is the first in Yemen’s seven-year conflict, and it will allow fuel imports into Houthi-held areas as well as some planes to run from Sanaa airport.<\/p>\n\n\n\n
“This was a supply danger, and a ceasefire would alleviate that concern,” said Price Futures Group analyst Phil Flynn.<\/p>\n\n\n\n
Since Russia’s invasion of Ukraine in late February, market investors have been concerned about global supplies. Russia has been sanctioned as a result of the invasion.<\/p>\n","protected":false},"excerpt":{"rendered":"
The United Arab Emirates and the Iran-aligned Houthi group hailed a ‘truce’ that would pause<\/p>\n","protected":false},"author":10,"featured_media":13879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[9],"tags":[118],"class_list":["post-13877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-oil-prices"],"yoast_head":"\n