Oil rises almost 1 percent with a decline in Russian exports and an increase in attacks in the Red Sea

Oil prices rose nearly 1 percent in early Asian trading on Monday, supported by a decline in exports from Russia and increased fears of supply disruptions due to Houthi attacks on ships in the Red Sea.

Brent crude futures increased 69 cents, or 0.9 percent, to $77.24 per barrel by 0037 GMT, while US West Texas Intermediate crude rose 65 cents, or 0.9 percent, to $72.08 per barrel.

Russia said on Sunday that it would further reduce exports in December by 50,000 barrels per day or more, earlier than it had pledged, at a time when the world’s two largest oil exporters are trying to support global prices.

At the weekend, shipping companies, including MSC and A.P. Moller-Maersk, two of the largest container shipping companies in the world, said they would avoid going through the Suez Canal as the Houthis in Yemen escalate their attacks on commercial ships in the Red Sea. .

Bab al-Mandab is one of the most important routes in the world for shipments of global goods transported by sea, especially crude oil and fuel, from the Gulf to the Mediterranean via the Suez Canal or the nearby SUMED pipeline, in addition to goods heading east to Asia, including Russian oil.

Brent and West Texas Intermediate crude ended the longest series of weekly declines in half a decade with slight gains last week after the Federal Reserve (US Central Bank) meeting last week, which raised hopes for the end of successive interest rate hikes and cuts.