Oil Prices Surge In Wake Of Red Sea Attacks – By AFP News (IB Times) / Dec 18, 2023
Oil prices shot up nearly 3% on Monday as more companies suspended shipping through the Red Sea following attacks on vessels by Yemen’s Iran-backed Huthi rebels.
Meanwhile US stocks sought to continue last week’s rally on expectations that the US Federal Reserve will cut interest rates next year, although it appears to have lost steam in Asia and Europe.
Yemen’s Iran-backed Huthi rebels said Monday they had attacked two “Israeli-linked” vessels in the Red Sea, the latest in a flurry of drone and missile strikes on vessels entering the Red Sea, aimed at pressuring Israel over its war with Hamas in the Gaza Strip.
Five major shipping firms, including three of the world’s largest, have said they are rerouting their vessels away from the Red Sea. On Monday, British oil giant BP and Taiwan’s Evergreen became the latest to suspend transit.
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