Oil prices fell more than 1 percent as investors watched developments in the Red Sea, where shipping companies are returning despite yesterday’s attacks on ships from Yemen.
A barrel of Brent oil currently sells for $80.05, and a barrel of crude oil in the United States costs $74.54.
Danish shipping company Maersk said it has scheduled several dozen container ships to sail through the Suez Canal and Red Sea in the coming weeks, after calling for a temporary suspension of those routes this month following an attack by Yemen’s Iran-backed Houthi rebels.
The French CMA CGM also announced that it will continue crossing the Red Sea after the deployment of a multinational operational group in that region, AP reported.
“I think we have to wait and see if increased maritime patrols and rerouting of ships lead to a reduction in attacks,” said Callum McPherson, an official at Investek.
