Oil prices are rising amid the situation in the Red Sea

The price of oil is rising on Monday amid concerns about possible disruptions in the supply of raw materials through the Red Sea. These concerns arose after attacks by Yemeni Houthis on naval vessels in the region.

The Suez Canal Administration said it was closely monitoring the situation after the US reported on 14 Yemeni Houthi drone strikes fired at merchant ships on Saturday. Several shipping companies, including A.P. Moller-Maersk AS and Hapag-Lloyd, announced the suspension of their ships' passage through the Red Sea.

The Red Sea is an important route for offshore oil supplies, and about 10% of the world's oil flows pass through this region.

The current Brent quote is $77.36 per barrel. North American WTI crude is trading near $72.60 per barrel. According to the results of last week, the price of Brent increased by 0.9%, WTI – by 0.3%. Both brands ended the week in positive territory for the first time since the end of October, thanks to increased expectations of monetary easing by the Federal Reserve next year.