Brent Crude Nears $80 as Mideast Tensions, Attacks Threaten Oil Shipping
• Brent crude broke past $80 per barrel on Wednesday amid rising Middle East tensions and Houthi attacks on shipping in the Red Sea.
• The U.S. launched a 10-nation naval task force to protect shipping in the Red Sea from further Houthi attacks using missiles and drones.
• Oil price rises have been muted due to rising U.S. oil production, which is forecast to reach 13.5 million barrels per day.
• Energy stocks on the Toronto Stock Exchange gained in value, though the overall exchange remained flat.
• Experts doubt whether the new naval task force will be able to fully halt future Houthi attacks in the area.