Brent crude futures rise as tensions in the Red Sea Persists

Brent crude futures rose at the start of trading after the United States vowed to continue attacking the Houthis in Yemen until they cease their attacks on shipping in the Red Sea. Contracts rose 0.6% in early Asian trading.

Brent crude futures rose 40 cents to $70.98 a barrel on Monday.

WTI Crude $67.98  +1.19%

Brent Crude $71.37  +1.12%

Murban Crude $72.34  +0.96%

Louisiana Light $71.40  +1.61%

Bonny Light $78.62  -2.84%

Mars US $73.22  -1.56%

Gasoline $2.171  +1.03%

Natural Gas $4.133  +0.71%

The United States launched military strikes against the Houthi group in Yemen in response to their attacks on shipping in the Red Sea.

The US airstrikes killed at least 53 people in Yemen, according to the Ministry of Health. This is the largest US military operation in the Middle East since President Donald Trump took office on January 20.

Trump acknowledged on Saturday that "the attacks by the Yemenis have cost the American and global economy billions of dollars," revealing that "the last US warship to transit the Red Sea four months ago was subjected to more than a dozen Houthi attacks."

These developments could re-ignite tensions in the Red Sea, which had calmed recently following a ceasefire agreement between Israel and Hamas. Attacks over the past year have led to a rapid decline in shipping traffic in the Red Sea. 

The Houthis have carried out more than 100 attacks on ships since November 2023, prompting most shipping companies to divert their vessels away from the Suez Canal and use the longer route around the Cape of Good Hope in South Africa.