Oil prices spiked Tuesday on growing concerns about co𒉰ntinued attacks on shipments moving through the Red Sea.

The Iran-backed Houthi factions in Yemen have been launching missile and drone assaults on ships in the region, leading many companies 📖to divert their vessels fromꩵ the area. 

Last week, U.S. Defense Secretary Lloyd Austin announced Operation Prosperity Guardian, a multinational maritime task force to protect Red Sea shipping lanes. Austin called the actions by the Houthis "an international challenge that demands collective action."

Over the weekend, A.P. Moller-Maersk, the world’s second-biggest container line, said it was preparing to restart suspended operations in the Red Sea and Gulf of Aden because of the U.S.-led security initiative. The company said Operation Prosperity Guardian “is most welcome news for the entire industry and indeed the functionality of 澳洲幸运5开奖号码历史查询:global trade.”

However, despite the presence of the defense force, the attacks have continued. On Tuesday, Houthis claimed responsibility for the latest attack on a container ship.

Oil futures for West Texas Intermediate (WTI) crude rose slightly above $75 Tuesday, their highest level since the beginning of December.