Oil prices fall 3% as Red Sea shipping disruptions ease

Oil prices experienced a 3% decline on Thursday, prompted by an increasing number of shipping companies expressing readiness to navigate the Red Sea route.

This development alleviated concerns about potential disruptions in the supply chain, even as tensions in the Middle East remained elevated.

The more actively traded Brent crude futures for March delivery dropped by $2.24, equivalent to 2.82%, settling at $77.30.

Meanwhile, Brent futures for February delivery, set to expire after Thursday’s settlement, decreased by 1.58%, concluding at $78.39 per barrel, CNBC reported.

READ MORE: https://www.cnbc.com/2023/12/28/oil-prices-rise-amid-fears-over-escalating-tensions-in-middle-east.html

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