Oil Prices Turn Higher. Maersk to Gradually Resume Red Sea Shipments. - Barron's

Oil Prices Turn Higher. Maersk to Gradually Resume Red Sea Shipments.

LIVE COVERAGE

Stock Market Today

Barron's live coverage of financial markets, from stocks and bonds to oil and crypto.

Last Updated:
Dec. 26, 2023 at 11:36 AM EST Live Coverage Feed

Updated 2 hours ago

Oil prices were rising Tuesday as transit disruptions continued following several attacks on ships in the Red Sea.

West Texas Intermediate crude, the U.S. benchmark, was up 1.9% to $74.99, while Brent crude, the international standard, gained 1.8% to $80.24. Oil prices has traded lower earlier Tuesday.

Houthi rebels have attacked multiple commercial ships this month. Several companies have rerouted or paused their shipments through the area in an effort to avoid conflict.

The U.S. last week announced a 10-nation coalition to counter the attacks in the Red Sea. Following the announcement, shipping giant Moeller-Maersk announced Sunday that it would gradually resume Red Sea shipments. “We are currently working on plans for the first vessels to make the transit and for this to happen as soon as operationally possible,” the company said in a customer advisory.

News from last week that Angola was leaving the Organization of the Petroleum Exporting Countries, or OPEC, also continued to pressure oil prices.