Oil prices rise on sustained Red Sea shipping tensions

Oil prices rose slightly in early Asian trade on Wednesday amid continued concerns around shipping disruptions in the Red Sea and escalating tension in the Middle East. Brent crude rose 26 cents, or 0.4%, to $76.11 a barrel by 0004 GMT, while U.S. West Texas Intermediate crude futures rose 26 cents, or 0.3%, to $70.64. Oil prices had climbed around $2 earlier in the week following attacks on vessels in the Red Sea by Houthi rebels over the weekend and the reported arrival of an Iranian warship on Monday.