Oil prices climbed Wednesday as hostilities in the Red Sea continued with more attacks by Yemen’s Houthis.
Brent crude futures, the international benchmark, rose 0.7% to $79.17, while US West Texas Intermediate futures climbed 0.8% to $73.87.
Two ships were targeted by ballistic missiles Tuesday, The AP reported citing UK and US authorities.
The US Central Command said Houthi militants fired six anti-ship ballistic missiles toward the Red Sea and the Gulf of Aden, in a post on X late Tuesday, adding that there were no injuries.
“Tensions in the Middle East continue to play on minds, keeping supply concerns bubbling,” Hargreaves Lansdown analyst Susannah Street said. But she added that prices remain 5% below the levels reached in late January, and 16% below the recent highs of September.