News > Oil ticks up as Middle East crisis escalates, tankers divert

Oil ticks up as Middle East crisis escalates, tankers divert

Business Today | 16/01/2024 10:16 AM | Click to read full article

Oil prices edged slightly higher on Tuesday as the Middle East crisis escalated and ship tracking data showed more tankers altering course away from the Red Sea in response to attacks in the area by Yemen's Houthi movement. Brent crude futures LCOc1 rose 12 cents, or about 0.2%, to $78.27 a barrel at 0002 GMT. The contract had settled 14 cents lower on Monday. US West Texas Intermediate crude CLc1 was down 17 cents, or 0.2%, at $72.52 per barrel on Monday.

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