Oil rises amid tensions in the Red Sea after Houthi attacks
Kyiv • UNN
Oil prices rise as investors react to Houthi attacks in the Red Sea
Oil rose slightly in price on Wednesday, as investors monitor the situation in the Red Sea after recent attacks by Iranian-aligned Yemeni Houthi militants, UNN reports citing Reuters.
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Brent crude oil futures rose 23 cents, or 0.3%, to $79.46 per barrel by 09:30 Kyiv time, while US West Texas Intermediate rose 30 cents, or 0.4%, to $74.24 per barrel.
On Tuesday, prices rose by more than 1% amid fears of disruptions to global trade and geopolitical tensions in the Middle East following Houthi attacks on ships in the Red Sea.
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The Houthis have vowed to defy the announced US-led naval mission and continue to attack Red Sea vessels in support of the Hamas movement ruling the Palestinian enclave of Gaza.
About 12% of global shipping passes through the Red Sea and the Suez Canal. However, according to analysts, the impact on oil supplies is still limited, as most Middle Eastern oil is exported through the Strait of Hormuz.
