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International benchmarks for crude oil surged nearly 2% on Monday, 18 December 2023 on escalating concerns over the global shipping situation after the attacks in the Red Sea. Responding to the situation, oil major BP temporarily suspended all transits through the water.  

Meanwhile, against the backdrop of these developments, Russia deepened oil export cuts in December, and the US Energy Information Administration foresaw a decline in shale output in January.

Brent crude futures settled $1.40/barrel higher or 1.8% at $77.95/barrel.

WTI crude rose $1.04/barrel or 1.5% closing at $72.47/barrel.