Oil prices surge by 3% as tankers avoid red sea

Oil prices edged up on Monday to rise more than 3% as mounting attacks by the Iran-aligned Yemeni Houthi militant group on ships in the Red Sea disrupted maritime trade and raised concerns of supply disruption. Brent crude futures were up 3.7%, to $79.37 a barrel earlier today, while U.S. West Texas Intermediate crude rose $2.44, or 3.4%, to $73.87. Oil giant BP has announced it is pausing all shipments of oil through the Red Sea after recent attacks on vessels by Houthi rebels. According to experts, if disruptions continue, prices will climb further. The Red Sea is one of the world's most important routes for oil and liquid natural gas shipments, as well as for consumer goods. #NTVNews #NTVTonight #NTVWeekendEdition Subscribe to Our Channel For more news visit http://www.ntv.co.ug Follow us on Twitter http://www.twitter.com/ntvuganda Connect with us on Messenger via m.me/NTVUganda