Oil prices rose more than $1 today extending yesterdays concerns as Houthi attacks on ships in Red Sea continue to disrupt maritime trade in the region. The U.S. on Tuesday announced the creation of a task force to safeguard Red Sea commerce from attacks by Iran-backed Yemeni militants. The Houthis have vowed to defy the U.S.-led naval mission and keep hitting Israeli targets in the region. “How long this will go on for is also an unknown, unnerving the market,” said Fiona Cincotta, senior analyst at City Index. “Despite the launch of the operation to ensure safe passage through the Red Sea major shipping firms are still steering clear.” Also in focus this week is the latest snapshot of U.S. supplies. The first of the week’s two supply reports from the American Petroleum Institute shows an increase in U.S. crude oil and fuel inventories, sources said. WTI traded up $.97 or 1.3% to close at $73.44. Brent traded up $1.28 or 1.6% to close at $79.23.