Oil jumps 1.5% in New Year after U.S. forces repel Houthis in Red Sea

SINGAPORE: Oil prices jumped 1.5% in the first session of the New Year, due to potential supply disruptions in the Middle East after a naval clash in the Red Sea, and hopes of strong holiday demand and an economic stimulus in China, the top crude importer.

Brent crude rose $1.20, or 1.5%, to $78.24 a barrel by 0438 GMT while U.S. West Texas Intermediate crude was at $72.66 a barrel, up $1, or 1.4%.