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Oil prices dropped 2% amidst resumed shipments via Red SeaInvestors were closely monitoring unfolding developments in the Red Sea, a region recently plagued by security concerns, as shippers cautiously resumed operations despite fresh attacks on Tuesday. |
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Global oil prices suffered a nearly 2% decline on Wednesday, wiping out gains from the preceding day. Investors were closely monitoring unfolding developments in the Red Sea, a region recently plagued by security concerns, as shippers cautiously resumed operations despite fresh attacks on Tuesday.
The Danish shipping giant Maersk had announced plans to dispatch several dozen container vessels through the Suez Canal and the Red Sea in the weeks that followed. This decision came after the company had temporarily suspended routes through these critical waterways earlier in the month.
Brent crude futures settled down $1.42/barrel or 1.8%, closing at $79.65/barrel.
WTI crude fell $1.46/barrel or 1.9% to settle at $74.11/barrel.
