Oil futures rose more than 1% Friday amid tensions in the Red Sea over Yemen's interception of Israeli ships or even ships dealing with the entity, posing a difficult geopolitical scenario for maritime security and global fuel trade.
Those rises came despite Angola's decision to withdraw from OPEC, in which it said its membership in the organization was at odds with its interests, as that decision raised questions about how efficient the organization was in supporting oil prices.
Many shipping companies avoid the Red Sea because of Houthi attacks on ships in support of the Palestinians, causing global trade disruptions through the Suez Canal, which about 12% of global trade traffic passes through.
Several shipping companies, such as Germany's Hapag-Lloyd and Hong Kong's OOCL, decided to avoid passing through the Suez Canal due to growing concerns in the Red Sea.
