Oil increases by about 2% as ships reroute following attacks in the Red Sea.
Oil increases by about 2% as ships reroute following attacks in the Red Sea. Source Reuters.com December 18, Houston (Reuters) - After the Iran-aligned Yemeni terrorist group the Houthi attacked ships in the Red Sea on Monday, investors are concerned about potential interruptions to maritime trade and supply costs, causing oil prices to rise by about 2%. Following an attack on a Norwegian-owned ship in the Red Sea on Monday, oil giant BP said that it has temporarily suspended all waterborne operations. Over the weekend, several shipping companies said that they would not be using the route. While U.S. West Texas Intermediate crude increased $1.04, or 1.5%, to $72.47, Brent crude futures ende