Oil Prices Surge Amidst Russian Export Drop and Red Sea Concerns

Crude oil prices rose by 1% as Russian oil exports were negatively impacted by winter weather and Red Sea ship attacks raised concerns about the security of oil shipments. Russia suspended over 60% of Urals loadings due to storms and maintenance, while major shipping lines, including Maersk Tankers and Moller-Maersk, announced the suspension of travel through the Red Sea. The impact of the ship attacks on oil prices remains uncertain, with traders currently focused on supply and U.S. record production. Weaker greenback and the Fed's suggestion of no more rate hikes also support oil prices.