Brent oil rises as Red Sea tensions mount

Late on Friday evening oil prices came under pressure after failing to make any lasting headway ahead of the European close. The price of Brent crude for March delivery eventually fell below $77 per barrel, after settling just $0.11 lower on the NYMEX exchange, at $77.04. The low seen ahead of the wider US markets final close for 2023 was at $76.73. The low seen earlier today was set at $77.39 and it has since risen above $78.50. The reason for this is surely based on the latest news concerning situation in the Red Sea. According to reports, Iran has sent a warship to the Red Sea after the US sank three Houthi boats there. That news has lifted Brent to a high of $78.64 so far this morning. The oil markets will be tensely watching this situation as it unfolds from here. Brent for March delivery is currently trading at $78.51