Oil prices rise as Red Sea attacks disrupt supply chains
Oil prices rise as Red Sea attacks disrupt supply chains
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.
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