ALBAWABA - Oil prices saw a slight increase in early Asian trading on Wednesday, fueled by ongoing concerns about shipping disruptions in the Red Sea and escalating tensions in the Middle East.
By 0004 GMT, Brent crude rose by 26 cents, equivalent to 0.4%, reaching $76.11 per barrel. Meanwhile, West Texas Intermediate (WTI) crude futures increased by 26 cents or 0.3%, reaching $70.64.
Oil prices had risen by around two dollars earlier in the current week following Houthi attacks on ships in the Red Sea at the beginning of the week and reports of the arrival of an Iranian warship on Monday.
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On Sunday, American helicopters repelled an attack by Houthi forces on a container ship operated by the Danish shipping company Maersk in the Red Sea. Iran's semi-official Tasnim news agency reported that an Iranian warship entered the Red Sea on Monday.
Maersk and its German competitor Hapag-Lloyd stated that their container ships would continue to avoid the Red Sea route that provides access to the Suez Canal.
The widening conflict may lead to the closure of vital waterways for oil transportation.
