Oil prices rise as oil tankers divert from the Red Sea

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Oil prices rise as oil tankers divert from the Red Sea

Oil prices increased by 1% on Saturday as more oil tankers changed their course from the Red Sea due to air and sea strikes on Houthi targets in Yemen by the United States and Britain.

The highest level of the session for Brent crude futures rose by more than $3 to over $80, its highest level this year, resulting in a settlement price increase of 88 cents, or 1.1%, to $78.29 a barrel.

Although diversions were expected to increase the cost and time it takes to transport oil, supplies have not been affected yet.