Oil price rises on Red Sea attacks

Oil prices were rising yesterday as transit disruptions continued following several attacks on ships in the Red Sea.

West Texas Intermediate crude, the U..S. benchmark, was up 1.9 per cent to $74.99, while Brent crude, the international standard, gained 1.8per cent to $80.24. Oil prices have traded lower earlier in the day.

Sea. Following the announcement, shipping giant Moeller-Maersk announced Sunday that it would gradually resume Red Sea shipments. “We are currently working on plans for the first vessels to make the transit and for this to happen as soon as operationally possible,” the company said in a customer advisory.

News from last week that Angola was leaving the Organization of the Petroleum Exporting Countries (OPEC) also continued to pressure oil prices.