Oil rose on Tuesday, extending the previous session’s gains, after 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 was up 71 cents, or 0.9%, to $78.66 a barrel by 1512 GMT. U.S. West Texas Intermediate crude for January, which expires on Tuesday, was up 88 cents at $73.35 while the more active February contract gained 94 cents to $73.75.
Crude on Monday rose nearly 2% after a Norwegian-owned vessel was attacked and BP said it had paused all transit through the Red Sea, raising concern over supply disruption. About 12% of world shipping traffic passes up the Red Sea and through the Suez Canal.
