Oil price news: Oil holds large gain as fresh Red Sea attack puts market on edge

Oil traded near its highest close in almost a month, with a new attack on shipping in the Red Sea underscoring why some vessels are avoiding the key route.

Global benchmark Brent traded near US$81 a barrel after rising 2.5 per cent on Tuesday to close at the highest level since November. Gas prices also gained. 

The vessel MSC United VIII was attacked while en route to Pakistan from Saudi Arabia, despite the U.S. and a number of other nations forming a maritime task force to deter such strikes.

The latest attack by the Yemen-based Houthi militants, together with U.S. strikes on targets in Iraq, are further signs that the Israel-Hamas war risks expanding into a wider conflict.