Saturday, January 16
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Oil prices rise after Saudi Arabia suspended the passage of crude shipments through the Bab al-Mandab Strait

BAGHDAD, Oil prices rose after Saudi Arabia suspended crude shipments through the strategic of Bab al-Mandab strait in the Red Sea following an attack on two oil tankers and as tensions between the United States and the European Union eased.

Brent crude futures rose 61 cents, or 0.8 percent, to settle at $ 74.54 a barrel.

US West Texas Intermediate crude futures rose 31 cents, or 0.5 percent, to settle at $ 69.61 a barrel.

Brent rose in the post-closure trading on Wednesday after Saudi Arabia said it was "temporarily suspending" all shipments of oil passing through the Bab al-Mandab Strait following an attack on two large oil tankers.

Source: National Iraqi News Agency