Oil prices have risen nearly one per cent in Asian trade, as Houthi attacks on ships in the Red Sea and lower exports from Russia stoke supply fears, Al Jazeera reports.
Brent crude futures climbed 0.4 per cent to $76.87 a barrel on Monday morning, while US West Texas Intermediate crude rose 0.5 per cent to $71.77 a barrel.
Attacks on ships by Yemen’s Houthi rebels have forced Danish shipping giant AP Moller-Maersk, Germany’s Hapag-Lloyd, French company CMA CGM, Hong Kong-based OOCL and Italian-Swiss-owned Mediterranean Shipping Co to pause shipments through the Red Sea.
