Oil price spikes on Houthi attack on a U.K. linked oil tanker, U.S. base in Jordan struck by a drone, causing deaths, and casualties. Next price resistance is $80, will reach, if the U.S. extend airstrikes and military action onto the Middle East. Oil now at a three month high.

The oil price pieced the price supports and trading range of $75 and $75.50, when on the 27th Jan when Yemeni Houthi rebels struck a U.K. oil tanker the Marlin Liunada, causing a fire on board.  The attack was within the Gulf of Arden at the mouth of the Red Sea.  Showing the breadth of the coastline the Houthis can utilize, in an wide area to conduct missile attacks on shipping in and around the Red Sea. Which would mean, that the U.S. will have to broaden its air strike capabilities on Yemen, thus increasing the likelihood of a land attack/special forces incursion into Yemen.   Meaning, a larger conflict.

On the 29th Jan, a drone attack on a U.S. base in Jordan, killed three U.S. servicemen and injuring many others.  The oil price shot up again, piecing the $78 price support of its way to $80.  The oil price is now at November 2023 highs prior to news that China oil consumption could drop 40%.

All pointing to a return of the stagflation formula, early 2024.  

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All oil analysis, please refer:  chiasmusmagazine.blogspot.com/search/label/oil