Oil prices rise as an Iranian warship enters the Red Sea

A photo taken during an organized Houthi rebel tour of Yemen on November 22, 2023 shows the cargo ship Galaxy Leader approaching port in the Red Sea off Yemen's Hodeidah Governorate.

-| AFP | Getty Images

Oil prices rose on Tuesday after Iran sent a warship to the Red Sea, as the situation remains tense in the vital waterway for global shipments that has seen attacks on ships by Yemen's Houthi rebels.

Brent crude, the global benchmark, jumped 1.6% to $78.27 a barrel, while US West Texas Intermediate crude rose 1.42% to $72.67 a barrel during Asian trading hours.

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