The ongoing tension in the Red Sea has led to an approximately 1 percent increase in crude oil prices in global market. Heightened tensions in the Middle East, particularly due to Houthi rebels attacking ships in the Red Sea, have contributed to this rise.

Brent crude futures saw a gain of 71 cents, equivalent to 0.89%, reaching $80.10 per barrel. Simultaneously, U.S. West Texas Intermediate crude futures rose by 81 cents, or 1.1%, reaching $74.70 per barrel.

As a result of the attacks by the Houthi militant group, more ships are opting to avoid the Red Sea. It is noteworthy that the Houthi rebels claim to be targeting ships in response to what they describe as ongoing Israeli brutality in Gaza.

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