Oil prices shot up three per cent Monday as more companies suspended shipping through the Red Sea following attacks on vessels by Yemen’s Iran-backed Huthi rebels.
US stocks meanwhile sought to continue last week’s rally on expectations that the US Federal Reserve will cut interest rates next year, though it appears to have lost steam in Asia and Europe.
Yemen’s Iran-backed Huthi rebels said Monday that they had attacked two “Israeli-linked” vessels in the Red Sea, the latest in a flurry of drone and missile strikes on vessels entering the waters, which are aimed at pressuring Israel over its war with Hamas in the Gaza Strip.
Five of the world’s six largest shipping companies have announced they will not send ships through the Red Sea. On Monday, British oil giant BP and Taiwan’s Evergreen became the latest to suspend transit.
Ships must travel through the Red Sea to use the Suez Canal, a key transit route for cargo and oil.
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