Topline Oil prices have shot up in the first two weeks of 2024 as a series of missile and drone strikes in the Red Sea throw a curveball in the international oil market, though analysts are skeptical the rise in oil prices will translate into an increase drivers see at the pump. Oil prices have shot up in recent weeks amid rising tensions in the Red Sea. Key Facts The West Texas Intermediate, a national benchmark for oil, has increased by more than 2.5% on the year to over $72 per barrel, while the international benchmark Brent Crude Futures has jumped nearly 1.5% on the year to roughly $77—though that price has dropped…
