Ammon News - Energy expert Hashem Akel denied on Thursday any fears about the interruption or decline of oil and fuel supplies to Jordan, in light of the shipping crisis through the Red Sea.

In a statement to Ammon, Akel said that Jordan imports crude oil from Iraq and Saudi Arabia at a rate of 40,000 barrels per day, while it imports finished oil directives (fuel) through the Mediterranean Basin, which is away from Bab al-Mandab Strait.

Jordan has a strategic reserve of fuel sufficient to consume 60 per day, which increases the Kingdom's reassurance regarding the availability of oil derivatives, he added.

Akel also explained that the possibility of oil being affected in general by the Red Sea crisis is very low, noting that only 8 million barrels of oil pass daily through the Red Sea, compared to 100 million barrels that the world consumes daily.

As for the rise in global oil prices, Akel stressed that the world will not witness significant jumps in prices as a result of the decrease in global demand and the increase in the quantities supplied.

Oil prices rose on Thursday, adding to solid gains in the previous session on persisting concerns over Middle Eastern supply following disruptions at a field in Libya and heightened tension around the Israel-Gaza war, according to Reuters.

Brent crude LCOc1 rose 33 cents, or 0.42%, to $78.58 a barrel by 0101 GMT, while US West Texas Intermediate crude futures CLc1 rose 40 cents, or 0.55%, to $73.10.

Both benchmarks rose by around 3% to settle higher for the for the first time in five days on Wednesday, with WTI seeing the biggest daily percentage gain since mid-November.