Brent widens gains to two-week high on Red Sea concerns

International benchmark Brent rose on Monday for the fourth straight day, hitting two-week high as Red Sea tensions increase.

The Houthi group in Yemen continue to launch attacks on commercial ships in the Red Sea, raising concerns about oil supply disruptions. 

Prices are also boosted by a plan presented by Russia to cut oil exports in December in order to achieve more balance in the markjets.

Brent Price Today 

Brent crude rose 2.1% to $78.63 a barrel, the higehst since December 5, with a session-low at $75.75, after rising 0.3% on Friday, the third profit in a row following strong Chinese industrial production data. 

Brent rallied 1.3% last week, the first weekly profit in two months away from recent six-month lows at $72.33, as the dollar lost ground.

Red Sea Woes 

Several major shipping companies decided to avoid passage through the Suez Canal temporarily, as Houthi militants continue to attack commercial ships in Red Sea. 

As geopolitical tensions increase and aggressie maritime attacks on commercial ships in the Red Sea pick up pace, oil prices are expected to tick higher as well.

Russian Exports 

Russia said on Sunday it'll deepen oil export cuts in December by nearly a million bpd or more, before the scheduled deadline. 

Such a step is aimed to boosting wobbling prices as demand in major global economies slows down.