Oil settles down 3% as Red Sea shipping disruptions ease

The more active Brent crude futures for March delivery settled down US$2.39, or 3%, at US$77.15. US West Texas Intermediate crude futures fell by US$2.34, or 3.2%, to US$71.77 a barrel.

BENGALURU: Oil prices fell 3% on Thursday as more shipping companies said they were ready to transit the Red Sea route, easing concerns about supply disruptions as Middle Eastern tensions stay elevated.

The more active Brent crude futures for March delivery settled down US$2.39, or 3%, at US$77.15. Brent futures for February delivery, which expired after settlement, fell 1.3% to US$78.39 a barrel.