Oil Prices Rise Amid Red Sea Attacks and Anticipated Fed Rate Cuts

Despite the U.S.-led Operation Prosperity Guardian, Houthi attacks on shipping continue, while Maersk plans to resume operations in the region.

Oil prices have risen due to ongoing attacks on shipping vessels in the Red Sea by the Iran-backed Houthi factions in Yemen.
Despite the presence of a U.S.-led maritime force, Operation Prosperity Guardian, the attacks have continued.
Major shipping company Maersk is planning to resume operations in the Red Sea and Gulf of Aden due to the protection provided by Operation Prosperity Guardian.
Oil prices are also influenced by expectations of the Federal Reserve cutting interest rates, which could boost fuel demand.
Shipping firms had suspended the passage of vessels through the Red Sea and imposed surcharges for re-routing ships.