© Reuters. An oil pump crane in Texas, USA, in a photo from Reuters archives.
(Reuters) – They rose slightly in early Asian trading on Wednesday amid continuing concerns about shipping disruptions in the Red Sea and escalating tensions in the Middle East.
By 0004 GMT, it rose 26 cents, or 0.4 percent, to 76.11 per barrel, while US West Texas Intermediate crude futures rose 26 cents, or 0.3 percent, to $70.64.
Oil prices rose about $2 earlier this week after Houthi attacks on ships in the Red Sea over the weekend and reports of the arrival of an Iranian warship on Monday.
On Sunday, US helicopters repelled an attack by Houthi forces on a container ship operated by the Danish shipping company Maersk in the Red Sea. Iran’s semi-official Tasnim news agency reported that an Iranian warship entered the Red Sea on Monday.
Maersk and its German competitor Hapag-Lloyd said their container ships would continue to avoid the Red Sea route, which provides access to the Suez Canal.
The expansion of the conflict may lead to the closure of important waterways for transporting oil.
(Prepared by Mahmoud Salama for the Arabic Bulletin)
2024-01-03 02:42:00
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