Oil climbs 1% as tankers avoid Red Sea

Brent crude futures settled 88 cents, or 1.1%, higher at US$78.29 a barrel. US West Texas Intermediate crude futures climbed 66 cents, or 0.9%, to US$72.68.

HOUSTON: Oil rose 1% on Friday as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the US and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed group.

Brent crude futures settled 88 cents, or 1.1%, higher at US$78.29 a barrel. The session high was up over US$3 to more than US$80, its highest this year.