Oil prices rise as Red Sea attacks disrupt supply chains

OIL prices rose on Tuesday as attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.

Brent crude futures rose 21 cents, or 0.27%, to $78.16 a barrel at 0530 GMT. The front-month U.S. West Texas Intermediate crude futures contract, which expires on Tuesday, rose 3 cents to $72.50 a barrel. The more active second-month contract was up 6 cents, or 0.08%, to $72.88.