Oil prices volatile after U.S. clashes with Iran-backed militants in Red Sea

Oil prices were volatile in the first day of 2024 trading, as traders monitor tensions rise in the Red Sea after clashes between U.S. forces and Iran-backed militants based in Yemen.
The West Texas Intermediate contract for February added 2 cents, or .03%, to trade at $71.67 a barrel on Tuesday. The Brent contract for March gained 16 cents, or .21%, to trade at $77.20. Crude prices had jumped more than 2% earlier in the trading session.
Energy stocks rose in early trading with APA Corporation, ConocoPhilips, Diamondback Energy, Exxon Mobil, Valero, Marathon Oil, and Baker Hughes up more than 1%. $Exxon Mobil(XOM.US)$ $Chevron(CVX.US)$ $Valero Energy(VLO.US)$ $Marathon Oil(MRO.US)$ $Diamondback Energy(FANG.US)$ $Baker Hughes(BKR.US)$