Red Sea Attacks Could Spark Spike in Gasoline Prices

Oil prices have spiked and could remain elevated as companies try and find alternative cargo routes following vessel attacks in the Red Sea. International benchmark Brent crude has shot up to $79.35/bbl as of this morning, having opened on Monday at $77.24/bbl. The attacks, which have been occurring daily since Monday, are believed to have been perpetrated by Houthi rebels in Yemen. Major shippers such as Maersk and Evergreen and Norwegian gas giant Equinor have implemented re-routing plans, while oil firm BP became the first among peers to pause…