Oil prices were mixed on concerns over global trade disruptions after major shipping and oil-and-gas companies paused transit in the Red Sea due to escalating attacks from Yemen’s Houthi rebels.
The U.S. and other nations have set up a naval force to protect vessels in the area, while an increasing number of companies were rerouting ships via southern Africa’s Cape of Good Hope.
“Investors and consumers haven’t forgotten the impact snarled up supply chains had on prices following the pandemic,” AJ Bell said.
“News that shipping firms will cease using the Red Sea route after a number of attacks on shipments will be unsettling.”