Oil prices extend gains as Red Sea attacks disrupt supply chains

Iran petrol stations hit by cyberattack, oil prices advanced on Tuesday, extending gains from the previous session, as attacks by Yemen’s Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.

Brent crude futures rose 17 cents, or 0.2 per cent, to $78.12 a barrel at 0112 GMT. The front-month US West Texas Intermediate crude futures contract, which expires on Tuesday, rose 14 cents to $72.61 a barrel. The more active second-month contract rose 9 cents, or 0.1 per cent, to $72.91.

Both benchmarks rose more than 1 per cent on Monday on concerns about shippers diverting vessels away from the Red Sea.