OIL prices rose slightly in early Asian trade on Wednesday amid continued concerns around shipping disruptions in the Red Sea and escalating tension in the Middle East. Oil prices had climbed around $2 earlier in the week following attacks on vessels in the Red Sea by Houthi rebels over the weekend and the reported arrival of an Iranian warship on Monday. On Sunday, U.S. helicopters repelled an attack by Iran-backed Houthi forces on a container vessel operated by Danish shipper Maersk in the Red Sea. On Monday, an Iranian warship had entered the Red Sea, according to the semi-official Tasnim news agency. Maersk and German rival Hapag-Lloyd said their container ships would keep avoiding the Red Sea route that gives access to the Suez Canal.

Source: The Star January 04, 2024 00:32 UTC