NEW YORK: Oil prices dropped over one per cent on Wednesday, eating into the previous day`s gains as investors monitored developments in the Red Sea, where shippers are returning despite further attacks on Tuesday.

Brent crude futures were down $1.02, or 1.3pc, at $80.05 a barrel by 1:04 p.m. EST (1804 GMT). US West Texas Intermediate crude fell $1.03, or 1.4pc, to $74.54.

Danish shipping company Maersk said it has scheduled several dozen container vessels to travel via the Suez Canal and Red Sea in the coming weeks after calling a temporary halt to those routes this month after attacks by Yemen`s Iran-backed Houthi militia.-Reuters