Oil price news: Oil falls from one-month high as Red Sea shipping risks swirl
BNN Bloomberg
Oil retreated from its highest close in almost a month, with a new attack on shipping in the Red Sea underscoring why some vessels are avoiding the key route.
Global benchmark Brent traded near US$80 a barrel after rising 2.5 per cent on Tuesday, when it closed at the strongest level since November. Thin holiday trading volumes are leaving prices susceptible to large intraday swings.
The vessel MSC United VIII was attacked while en route to Pakistan from Saudi Arabia, despite the U.S. and a number of other nations forming a maritime task force to deter such strikes.
The latest attack by the Yemen-based Houthi militants, together with U.S. strikes on targets in Iraq, are further signs that the Israel-Hamas war risks expanding into a wider conflict.
