Oil rises 1% as Red Sea shipping concerns unnerve traders

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Go back to Oil rises 1% as Red Sea shipping concerns unnerve traders

Analyst sees potential for a breakout in oil prices amid least bullish positioning in history

December 20, 2023 8:05 AM EST

The Red Sea is facing the prospect of being off-limits for oil transit as global shipping firms and vessel workers are increasingly refusing to operate in the area due to rising attacks.

The situation poses a potential threat to oil prices if key ports become inaccessible and military confrontations escalate. In recent weeks, attacks on oil tankers and commercial vessels in the Red Sea have been on the rise.

On December 15, A.P. Moller-Maersk A/S and Hapag-Lloyd AG, the world's two largest global shippers, announced that they would not send vessels through the Red Sea for the... More