Oil prices stabilise as Red Sea transport disruptions ease

OIL prices steadied on Thursday after falling sharply in the previous session, as concerns eased about shipping disruptions along the Red Sea route even as tensions in the Middle East continued to rise.

Brent crude futures inched up 10 cents, or 0.1%, to $79.75 a barrel by 0424 GMT, while U.S. WTI crude futures were trading 5 cents lower at $74.06 a barrel. Prices dropped nearly 2% on Wednesday as major shipping firms began returning to the Red Sea.