# Oil rises 1% as Red Sea shipping concerns unnerve traders

> Brent rose $1.28, or 1.6%, to settle at $79.23 a barrel on Dec 19, its highest since Dec 1. WTI for January delivery gained 97 cents to $73.44 after the contract's expiry session. Traders cited concern over shipping disruption in the Red Sea.

- Date: 2023-12-19 · published 2023-12-19T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/32884-oil-rises-1-as-red-sea-shipping-concerns-unnerve-traders
- 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

Concern over Red Sea shipping lifts both crude and freight costs, which feed into soybean meal, corn and grain import prices. The move points to higher energy-linked costs for feed buyers.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-10-28 | [Arab News \| Oil rises more than 1% as supply concerns persist](https://feedsoft.ai/events/17239-arab-news-oil-rises-more-than-1-as-supply-concerns-persist.md) | -2.1% | — |
| WTI | 2018-05-25 | [Contact Us - Sherbrooke Record - Fears of prolonged Red Sea crisis fuel inflation fears, as oil, retail shipping delays begin to rise](https://feedsoft.ai/events/64932-contact-us-sherbrooke-record-fears-of-prolonged-red-sea-crisis-fuel-inflation.md) | -7.0% | -2.7% |
| WTI | 2026-03-05 | [Oil settles up around 5% on supply concerns as Iran conflict widens \| Reuters](https://feedsoft.ai/events/5232-oil-settles-up-around-5-on-supply-concerns-as-iran-conflict-widens-reuters.md) | +16.5% | +35.8% |
| WTI | 2024-03-19 | [Oil rises to multi-month highs on Russian supply concerns](https://feedsoft.ai/events/31370-oil-rises-to-multi-month-highs-on-russian-supply-concerns.md) | -1.3% | +3.1% |
| WTI | 2026-05-17 | [Oil prices rise 3% to two-week high on Iran war supply concerns \| Reuters](https://feedsoft.ai/events/19430-oil-prices-rise-3-to-two-week-high-on-iran-war-supply-concerns-reuters.md) | -8.1% | -22.7% |
| BRENT | 2026-10-28 | [Arab News \| Oil rises more than 1% as supply concerns persist](https://feedsoft.ai/events/17239-arab-news-oil-rises-more-than-1-as-supply-concerns-persist.md) | -4.7% | — |
| BRENT | 2025-10-03 | [Red Sea shipping risks stay high as Houthis end ceasefire](https://feedsoft.ai/events/16911-red-sea-shipping-risks-stay-high-as-houthis-end-ceasefire.md) | +2.2% | +0.4% |
| BRENT | 2026-03-05 | [Oil settles up around 5% on supply concerns as Iran conflict widens \| Reuters](https://feedsoft.ai/events/5232-oil-settles-up-around-5-on-supply-concerns-as-iran-conflict-widens-reuters.md) | +12.3% | +35.0% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-prices-extend-gains-red-sea-attacks-disrupt-supply-chains-2023-12-19/

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