KONTAN.CO.ID - LONDON. Oil extended gains on Monday to rise more than 3% as mounting attacks by the Iran-aligned Yemeni Houthi militant group on ships in the Red Sea disrupted maritime trade and raised concern of supply disruption. A Norwegian-owned vessel was attacked in the Red Sea on Monday and oil major BP said it has temporarily paused all transits through the body of water. Other shipping firms said over the weekend that they would avoid the route. Brent crude futures were up $2.82, or 3.7%, to $79.37 a barrel by 14.54 GMT, while U.S. West Texas Intermediate crude rose $2.44, or 3.4%, to $73.87.
Oil Jumps More Than 3% on Red Sea Tanker Attack, Reroutings
KONTAN.CO.ID - LONDON. Oil extended gains on Monday to rise more than 3% as mounting attacks by the Iran-aligned Yemeni Houthi militant group on ships in the Red Sea disrupted maritime trade and raised concern of supply disruption. A Norwegian-owned vessel was attacked in the Red Sea on Monday and oil major BP said it has temporarily paused all transits through the body of water. Other shipping firms said over the weekend that they would avoid the route. Brent crude futures were up $2.82, or 3.7%, to $79.37 a barrel by 14.54 GMT, while U.S. West Texas Intermediate crude rose $2.44, or 3.4%, to $73.87.