Crude oil futures ended sharply higher on Monday on rising tensions in the Middle Ease due to recent attacks on ships crossing the Red Sea. The attacks on Red Sea shipping by Houthi militants in Yemen have forced the suspension of some shipments through the Suez Canal, raising supply concerns. According to private reports, five of the world's six largest shipping companies have announced they will not send ships through the Red Sea. British oil giant BP and Taiwan's Evergreen became the latest to suspend transit.
Benchmark crude oil futures for January delivery rose $1.04 or 1.46 percent to settle at $72.47 a barrel on the New York Mercantile Exchange. However, Brent crude for February delivery was up by $1.33 or 1.73 percent to settle at $77.95 a barrel on London's Intercontinental Exchange.