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Oil rises on Red Sea attacks

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

West Texas Intermediate crude, the U.S. benchmark, was up 1.9per 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.

Houthi rebels have attacked multiple commercial ships this month. Several companies have rerouted or paused their shipments through the area in an effort to avoid conflict.

The U.S. last week announced a 10-nation coalition to counter the attacks in the Red 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 Petroleum Exporting Countries (OPEC) also continued to pressure oil prices.