Oil prices edged higher on concerns about global trade disruptions after major companies paused transit through the Red Sea due to recent attacks by Yemen’s Houthi forces.
“The attacks in the Red Sea are the third major disruption to maritime transport this year, alongside low water levels in the Panama Canal and collapse of the Black Sea grain deal,” Capital Economics said.
“Higher transport costs will boost the prices of intermediate goods and may rekindle some inflationary pressure.”