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## Oil Prices Fall in Early Asian Trade as Shipping Firms Return to Red Sea Despite Tensions

BEIJING (Reuters) – In the early Asian trade on Wednesday, oil prices fell, which created a downside to the strong gains from the previous session. This comes as major shipping firms have begun returning to the Red Sea, despite continued attacks and escalating tensions in the Middle East.

The Brent crude futures faced a decline of 18 cents, or 0.22%, to $80.89 a barrel by 0101 GMT, while the U.S. WTI crude futures were down 22 cents, or 0.29%, at $75.35 a barrel.

The movement in prices comes after Tuesday’s climb by more than 2% to reach their highest point this month. This upward momentum has continued last week’s trend, which saw prices rise more than 3%, partially driven by hopes of U.S. interest rate cuts that could potentially boost economic growth and fuel demand.

However, the looming Israeli military campaign in Gaza and the spreading of the conflict to attacks on ships in the Red Sea remain significant factors influencing market sentiment.

Despite the precarious situation, major shipping firms such as Maersk and France’s CMA CGM have started to resume passage through the Red Sea following the deployment of a multinational task force to the region. Germany’s Hapag-Lloyd is also expected to make a decision about resuming shipments on Wednesday.

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