Oil prices continued to rise amid renewed attacks on oil tankers in the Red Sea. The futures for U.S. crude, West Texas Intermediate, rose by 0.07% to $73.06 per barrel, while the global crude benchmark, Brent, climbed by 0.13% to $77.32 per barrel. Yesterday, oil prices rose by about 1.5%, with U.S. crude closing at $73.01 per barrel and Brent crude at $77.22 per barrel. The increase followed an announcement by the Houthi group, Ansar Allah, on Thursday evening that they had targeted two commercial ships in the Red Sea and the Gulf of Aden, raising concerns about disruptions to oil supplies through the Middle East. According to reports, the oil tanker “Sunion,” which sails under the Greek flag and carries 150,000 tons of crude oil, was attacked in the Red Sea. This marks the third attack this month on a ship owned by Delta Tankers in the Red Sea. Prices were also supported by statements from the Organization of the Petroleum Exporting Countries (OPEC) indicating that it had received updated plans from Iraq and Kazakhstan to compensate for their oil production surpluses during the first seven months of 2024, meaning that both countries will reduce their output in the near future.