Oil continues slipping as ships return to Red Sea

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Oil continues slipping as ships return to Red Sea

Thursday was the second day in a row that oil prices went down. Brent was trading for $78.61 per barrel, down 1.31 percent, and WTI was down 1.43 percent and selling for $73.05 at 3:42pm PST [10:42GMT].

The latest losses come after oil fell almost 2% on Wednesday, wiping out the gains from the day before as investors watched what was happening in the Red Sea, where shippers are returning despite more attacks the day before.

At $79.65 a barrel, Brent oil futures had dropped $1.42, or 1.8%. The price of US West Texas Intermediate oil rose by $1.46, or 1.9 percent, to $74.11.

Maersk, a Danish shipping company, said that several dozen container ships will be travelling through the Suez Canal and the Red Sea in the next few weeks. This comes after the company temporarily stopped using those routes this month because of attacks by the Houthi group in Yemen, which is backed by Iran.

But so far, the US-led coalition to calm things down in the Red Sea has not led to coordinated action as planned.

A week after the US-led maritime force was launched, many allies don’t want to be associated with it. This is partly because of the rifts caused by the conflict in Gaza, in which the US has stuck by Israel even as criticism of its offensive grows around the world.

At this point, the main things that are affecting the market are still the fear of an extended Israeli military operation in Gaza and attacks on ships in the Red Sea.

An Israeli army commander told reporters the day before that the war would last “for many months.” On Wednesday, Israeli troops attacked central Gaza by land, sea, and air.

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