Oil prices started the new year trading 2% higher in Asia amid increased tensions in the Red Sea after Iran said it had deployed a warship in the Red Sea. Yet, oil and natural gas prices have been subdued for most of the time since the Hamas-Israel war began in early October and ended 2023 with an annual loss—the first annual decline since 2020 when Covid crushed demand. if(window.innerWidthADVERTISEMENTfreestar.config.enabled_slots.push({ placementName: "oilprice_medrec_atf", slotId: "oilprice_medrec_atf" });';document.write(write_html);} With the OPEC+ production cuts, including a large voluntary cut from Saudi Arabia, one would…
