Oil closes at highest level since November, Brent crosses $80

Oil drilling rigs

Oil extended gains today, Dec. 26, amid ongoing tensions over the disruption of shipping through the Red Sea after a wave of armed attacks on vessels.

Brent crude futures for March delivery (the most active contract) rose 2.6%, or $2.05, to $80.85 per barrel, the highest level since Nov. 29.

WTI crude for February delivery increased by 2.75%, or $2.01, to $75.57 per barrel—the highest closing since the end of November.

Oil processing in Russia remained close to its highest daily rates in more than eight months, amid a decline in seaborne exports, as refineries processed about 5.65 million barrels of crude per day during the week ended Dec. 20, Bloomberg reported, citing sources familiar with the matter.

French shipping company CMA CGM said in a statement that it is currently developing plans to gradually increase the number of ships passing through the Suez Canal, confirming that it will continue to closely monitor the situation in the Red Sea region.