Red Sea Tensions Escalate: Brent Rises 2% in US Trading


global standard As Red Sea tensions rise once more, Brent increased 2% in US trading, moving away from a two-week low and on course for the first profit in four sessions.

Iran currently sent a warship to the Red Sea in response to the US Navy destroying Houthi boats in Yemen, which made the situation in this crucial passageway too precarious.

Brent saw its 3rd straight loss on Friday, falling 0.5% to $76.77 a barrel, a 2-week low. On Saturday, it surged 2.0% to $79.03 a barrel, hitting a session low at $76.93.

For the third consecutive month, December saw a 4.2% decline in Brent due to fresh worries about global oversupply as Russian oil exports rise and US oil production reaches all-time highs.

In 2023, Brent fell 10%, marking the first annual loss in three years due to worries about demand as the world economy slowed.

Without providing many specifics, Iranian media reported that the nation had sent a warship to the Red Sea.

The action was taken after ten militants were slain by the US Navy in Yemen when it destroyed three Houthi-owned boats.

As Houthi boats opened fire on a ship flying the Singaporean flag, the United States Central Command said it replied to an SOS message from the ship.