Oil prices rose during Monday’s trading after BP said it had temporarily halted shipments through the Red Sea after attacks on ships over the weekend.
By 06: 32 pm GMT, WTI, the US benchmark, added 2.48% to 73.23 dollars per barrel.
Brent crude, the international benchmark, rose by 2.66%, reaching 78.66 dollars per barrel.
BP said that the transit through the Red Sea, which connects the Suez Canal in the Middle East, will be temporarily suspended. In a separate development that pushed prices higher, Russia said on Sunday that it may reduce crude oil production this month by an additional 50 thousand barrels or more per day.
On the other hand, concerns about the prospects for energy demand continue to affect oil prices, which have fallen by 10% this year.
Economic growth looks set to weaken in 2024 after the most aggressive interest rate increases in decades by the Federal Reserve and an anemic recovery from coronavirus-era lockdowns in China.
