Due to ongoing shipping interruptions, crude oil prices are rising due to supply concerns

U.S. West Texas Intermediate (WTI) crude futures increased by 15 cents, or 0.2%, to $77.73 a barrel, while Brent crude futures increased by 16 cents, or 0.2%, to $82.69 a barrel.

On Monday, both benchmarks had settled more than 1% higher. Houthis affiliated with Iran have persisted in their attacks on ships in the Red Sea, and although the Israel-Hamas conflict hasn’t had a major impact on the availability of oil, it has raised freight costs and lengthened shipment times, resulting in barrels remaining in the water for longer.

Both Israel and Hamas continued to publicly hold diametrically opposed views on a potential ceasefire and blame one another for any delays. . High borrowing rates usually mean lower oil demand and slower economic growth.

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