Oil prices rose to five weeks high as a result of the May-Iraq conflict and the threat of the Houthi blockade

ACCORDING TO REUTERS, OIL PRICES ROSE BY ABOUT 2 PER CENT ON TUESDAY, REACHING A FIVE-WEEK HIGH, AND THE THREAT OF AN INTER-MEI ATTACK AND THE YEMENI HOUTHI MARITIME BLOCKADE ON SAUDI ARABIA COULD EXACERBATE THE DISRUPTION OF ENERGY SUPPLIES. BRENT'S CRUDE OIL FUTURES INCREASED BY $2.12, OR 2.4 PER CENT, AND US$ 91.34/BARREL FOR US$ 1.80/BARREL FOR WESTERN TEXAS, OR 2.2 PER CENT, FOR US$ 85.03/BARREL. BRENT CRUDE OIL IS EXPECTED TO REACH ITS HIGHEST CLOSING PRICE SINCE 10 JUNE, WHILE WTI IS AT ITS HIGHEST SINCE 11 JUNE. TWO TANKERS CARRYING SAUDI CRUDE OIL CHANGED COURSE IN THE RED SEA AS A RESULT OF THREATS FROM AL-HOUTHI FORCES. THE UNITED STATES MILITARY BOMBED TARGETS IN SOUTHERN AND WESTERN IRAN, WHILE IRAN TARGETED UNITED STATES TARGETS IN BAHRAIN, KUWAIT AND JORDAN. THE ANALYSTS EXPECT THAT THE ENERGY COMPANY WILL WITHDRAW 500,000 BARRELS OF CRUDE OIL FROM THE STOCK DURING THE WEEK ENDING 17 JULY, WHICH WILL BE THE SECOND CONSECUTIVE WEEK OF DECLINE。