# Oil settles up on Red Sea tensions; gains capped by US stock builds | Reuters

> Oil prices settled slightly higher on Dec 20 as investors worried about trade disruption after Houthi attacks on ships in the Red Sea. Brent settled up 0.6% at $79.70 a barrel and WTI rose 0.4% to $74.22. Gains were capped by a larger-than-expected U.S. crude inventory build, bigger fuel stock gains and record domestic output.

- Date: 2023-12-20 · published 2023-12-20T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/32883-oil-settles-up-on-red-sea-tensions-gains-capped-by-us-stock-builds-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md)

## Why it matters

Red Sea rerouting raises freight costs and transit times for grain and oilseed shipments, while rising crude supports biofuel feedstock economics. Bearish U.S. inventory and output data limit the upside for energy-linked feed inputs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- OCEANFRT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-07-31 | [Oil gains nearly 3% on rising Mideast tension, falling US crude stockpiles \| Reuters](https://feedsoft.ai/events/29439-oil-gains-nearly-3-on-rising-mideast-tension-falling-us-crude-stockpiles-reuters.md) | -2.1% | +0.6% |
| WTI | 2026-02-18 | [Oil settles up 4% on Iran-US tensions, Russia-Ukraine talks end without breakthrough \| Reuters](https://feedsoft.ai/events/20786-oil-settles-up-4-on-iran-us-tensions-russia-ukraine-talks-end-without.md) | +5.1% | +53.8% |
| WTI | 2025-10-22 | [Oil extends gains after settlement on new sanctions on Russian oil companies \| Reuters](https://feedsoft.ai/events/8131-oil-extends-gains-after-settlement-on-new-sanctions-on-russian-oil-companies.md) | +4.0% | +4.9% |
| WTI | 2024-10-04 | [Oil settles up, biggest weekly gains in over a year on Middle East war risk \| Reuters](https://feedsoft.ai/events/10024-oil-settles-up-biggest-weekly-gains-in-over-a-year-on-middle-east-war-risk.md) | +2.9% | -6.3% |
| WTI | 2022-04-13 | [Oil prices settle up 4% despite big U.S. crude inventory build \| Reuters](https://feedsoft.ai/events/42017-oil-prices-settle-up-4-despite-big-u-s-crude-inventory-build-reuters.md) | +2.1% | +5.0% |
| BRENT | 2024-07-31 | [Oil gains nearly 3% on rising Mideast tension, falling US crude stockpiles \| Reuters](https://feedsoft.ai/events/29439-oil-gains-nearly-3-on-rising-mideast-tension-falling-us-crude-stockpiles-reuters.md) | -3.0% | +2.0% |
| BRENT | 2026-02-18 | [Oil settles up 4% on Iran-US tensions, Russia-Ukraine talks end without breakthrough \| Reuters](https://feedsoft.ai/events/20786-oil-settles-up-4-on-iran-us-tensions-russia-ukraine-talks-end-without.md) | +3.5% | +54.4% |
| BRENT | 2025-10-22 | [Oil extends gains after settlement on new sanctions on Russian oil companies \| Reuters](https://feedsoft.ai/events/8131-oil-extends-gains-after-settlement-on-new-sanctions-on-russian-oil-companies.md) | +5.0% | +6.1% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-prices-edge-up-traders-eye-red-sea-developments-2023-12-20/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.