New York | Oil prices traded near their highest level in more than two weeks as more companies shun the Red Sea after Iranian-backed Houthi militants stepped up attacks on vessels along the key shipping conduit.

Global benchmark Brent traded near $US78 a barrel, after rising 1.8 per cent Monday to its highest close since early-December, and West Texas Intermediate held above $US72 a barrel. Prices surged around 4 per cent on Monday after BP said it would pause all shipments through the waterway and Norway’s Equinor said it was diverting vessels away.

Bloomberg and Reuters