Oil jumps 3% amid Red Sea ship attacks, rate cut hopes

Brent crude futures were up US$2.32, or 2.93%, at US$81.40 a barrel by 1815 GMT. US West Texas Intermediate crude rose by US$2.26, or 3.1%, to US$75.81.

HOUSTON: Oil jumped 3% on Tuesday to its highest level this month, as further attacks on ships in the Red Sea prompted fears of shipping disruptions and on hopes of interest rate cuts that could boost economic growth and fuel demand.

Brent crude futures were up US$2.32, or 2.93%, at US$81.40 a barrel by 1815 GMT. US West Texas Intermediate crude rose by US$2.26, or 3.1%, to US$75.81.