"Iranian Warship Deployment Heightens Red Sea Tensions Amid Maritime Conflicts"

Oil prices experienced a surge following Iran's deployment of a warship to the Red Sea amid escalating regional tensions and recent Houthi attacks on shipping routes. West Texas Intermediate and Brent crude both saw significant price movements, with the situation contributing to market volatility. The US Navy's intervention against Houthi boats attempting to hijack a Maersk container ship further heightened tensions. Despite temporary price increases, crude futures ended the year down due to fluctuating demand and skepticism over OPEC+ production cuts. The oil market remains uncertain, with continued volatility expected in 2024.