Oil drops 2% as investors watch Red Sea developments

Brent crude futures settled down US$1.42, or 1.8%, at US$79.65 a barrel. US West Texas Intermediate crude fell US$1.46, or 1.9%, to US$74.11. — Bloomberg

NEW YORK: Oil prices dropped nearly 2% on Wednesday, eating into the previous day's gains as investors monitored developments in the Red Sea, where shippers are returning despite further attacks on Tuesday.

Brent crude futures settled down US$1.42, or 1.8%, at US$79.65 a barrel. US West Texas Intermediate crude fell US$1.46, or 1.9%, to US$74.11.