Oil climbs nearly 1% on drop in Russia exports, Red Sea jitters

The Kriti King, a crude oil tanker entering the Bosphorus straight heading towards the Black Sea and the port of Novorossiysk, Russia on Nov. 22, 2023.

John Wreford | Sopa Images | Lightrocket | Getty Images

Oil prices rose nearly 1% in early Asian trade on Monday, supported by lower exports from Russia and as attacks by the Houthis on ships in the Red Sea raised concerns of oil supply disruption.

Brent crude futures climbed 69 cents, or 0.9%, to $77.24 a barrel by 0037 GMT, while U.S. West Texas Intermediate crude was at $72.08 a barrel, up 65 cents, or 0.9%.

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