Oil stabilises as investors watch for Red Sea developments

Oil prices stabilised as major shippers resumed passage through the Red Sea despite attacks and Middle East tensions. Brent crude futures down at $80.90 a barrel while US West Texas Intermediate crude eased to $75.23 a barrel. Attacks by Yemen's Houthi militia prompted fears of shipping disruption. Interest rate cuts may boost economic growth and fuel demand. Red Sea passage resumed by Maersk and CMA CGM after multinational task force deployment. Israeli military campaign in Gaza continues.