Oil rose on Friday as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the U.S. and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed group.  U.S. West Texas Intermediate (WTI) crude futures climbed 66 cents to close at $72.68 per barrel after touching a 2024 high of $75.25 in a volatile session.  Brent crude futures settled 88 cents higher closing at US$78.29 per barrel. The session high was up over $3 to more than US$80 per barrel, its highest level this year.  While the diversions were expected to push up the cost and time it would take to transport oil, supplies have not yet been impacted, analysts and industry experts noted, easing some of the earlier gains in prices.  Brent end up down ½ of a per cent week over week and WTI closed lower 1.1% week over week.

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  • Where: Renaissance Schaumburg Convention Center Hotel
  • Attending: Curtis Chandler (239.405.3365), David Cohen (954-729-4774), Cyndi Popov (403-402-5043)
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