Oil prices fall while monitoring developments in the Red Sea

Oil prices fell by $1 per barrel yesterday; Erasing the gains of the previous day at a time when investors are monitoring developments in the Red Sea, with some major shipping companies resuming traffic from the region despite new attacks on Tuesday. Brent crude futures fell 94 cents, or 1.16%, to $80.13 per barrel by 13:23 GMT, and US West Texas Intermediate crude fell $1.05, or 1.39%, to $74.52 per barrel. Giovanni Stanovo, an analyst at UBS Bank, said that prices may fall yesterday; Due to investors taking profits after they increased strongly the day before yesterday. The giant Danish shipping company Maersk announced that it had set dates for dozens of container ships to pass through the Suez Canal and the Red Sea in the next few weeks, after it called for stopping the use of these two routes this month following attacks launched by the Houthi group. French company CMA CGM also said that it would resume transit through the Red Sea after deploying a multinational task force in the region. Both benchmarks ended the session on Tuesday with an increase of more than 2%, as attacks on ships in the Red Sea fueled fears of disruption to shipping operations. The possibility of the Israeli military campaign in the Gaza Strip continuing for a long period remains one of the main drivers of market sentiment.