Red Sea Shipping Attacks Send Oil Prices Soaring

Oil prices are set to rise for the week, driven by concerns over shipping attacks in the Red Sea and output cuts from Kazakhstan. Houthi rebels claimed responsibility for striking two Saudi oil tankers on Thursday, sparking fears that the Bab el-Mandeb shipping route could be closed.

This would control access from the Red Sea to the Indian Ocean and is the second most important oil channel after the Strait of Hormuz. Brent futures eased 72 cents to $99.97 a barrel as of 0126 GMT, but remain on course for a 13.5% advance this week.

Kazakhstan's energy ministry said oil companies temporarily cut back production after suspected Ukrainian drone attacks forced the country's main Black Sea export terminal to close.