Oil prices rose nearly 2% as investors were concerned about disruptions to maritime trade. Geopolitical tensions are rising as ships in the Red Sea are falling under attack by rebel groups in Yemen. “There are now the increased supply costs to consider as a growing number of oil tankers are halting all sails through the Red Sea strait,” said Fawad Razaqzada, market analyst at StoneX. U.S. Defense Secretary Lloyd Austin said Washington was building a coalition to address the Houthi threat and said defense ministers from the region and beyond would hold virtual talks on the issue on Tuesday. However, ample oil supply limited price gains on Monday. Brent and U.S. crude for prompt delivery traded at a discount to future deliveries, signaling a well-supplied physical market. WTI traded up $1.04 or 1.5% to close at $72.47. Brent traded up $1.40 or 1.8% to close at $77.95.