Oil jumps 1% in New Year after US forces repel Houthis in Red Sea – Markets

SINGAPORE: Oil prices jumped 1% on Tuesday, starting the New Year higher as a Red Sea naval clash focused attention on potential Middle East supply disruptions and expectations of Chinese economic stimulus boosted the demand outlook in the world’s top crude importer.

Brent crude rose $1.03, or 1.3%, to $78.07 a barrel by 0225 GMT while US West Texas Intermediate crude was at $72.53 a barrel,…