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Crude oil futures end deeply in red on Tuesday

03 Jan 2024 Evaluate

Crude oil futures ended deeply in red on Tuesday, giving up the sharp gains seen in early morning after an Iranian warship entered the Red Sea - heightening tensions and fears of potential crude-supply disruptions caused by attacks on shipping vessels by Iran-backed Houthi rebels in Yemen. The U.S. military said on Sunday that its forces opened fire on Houthi rebels after they attacked a Maersk-operated cargo ship in the Red Sea, killing several rebels and destroying three boats in an escalation of the maritime conflict linked to the war in Gaza.

Benchmark crude oil futures for February delivery fell by $1.27 or 1.8 percent to settle at $70.38 a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped by $1.15 or 1.5 percent to settle at $75.89 a barrel on London's Intercontinental Exchange. 


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