Oil prices rise as Red Sea attacks disrupt supply chains

Date:2023-12-19

Oil prices climbed on Tuesday due to Houthi attacks in the Red Sea, disrupting maritime trade and leading to vessel reroutes. Brent crude rose 0.27% to $78.16, while WTI crude increased to $72.50. Monday's 1% gains were fueled by concerns about Red Sea diversions. BP and Frontline temporarily halted transits, impacting around 15% of global shipping. Geopolitical tensions and supply disruptions may bring oil market volatility.

Original Article: Oil prices rise as Red Sea attacks disrupt supply chains