Oil prices rose more than 1% at one point as Houthi attacks on oil tankers raised supply concerns

(1) Oil prices jumped more than 1% at one point on Monday, with U.S. crude hitting as high as $79.23 a barrel, a fresh high in nearly two months, amid concerns about fuel supply after a missile hit on a Trafigura-operated tanker in the Red Sea, and Russia's exports of refined products will also fall as several refineries are undergoing repairs after drone strikes. (2) Trafigura, a commodities trader, said on Saturday that it was assessing the safety risks of continuing to sail in the Red Sea, after firefighters extinguished a fire on a tanker attacked by Yemen's Houthi group. (3) ANZ analysts said in the report: "Supply disruptions have been limited, but that changed last Friday after a tanker operated by Trafigura was hit by a missile off the coast of Yemen." With tankers with ties to the US and UK now under threat of attack, the market is likely to reprice the risk of supply disruptions. ” (4) Oil prices rose for the second straight week to close at their highest level in nearly two months on Friday, supported by supply concerns in the Middle East and Russia, while better U.S. economic growth and signs of stimulus from major Asian countries boosted demand expectations. (5) Russia could cut naphtha exports by about 127,500-136,000 b/d, or about a third of its total, after fires at refineries in the Baltic and Black Seas disrupted operations, according to traders and LSEG vessel tracking data. (6) Key ministers of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia (OPEC+) will meet virtually on February 1. (7) However, OPEC+ sources said that OPEC+ may decide on its production levels for April and beyond in the coming weeks, as the meeting was held too early to make a decision on further output policy