Oil prices soared on Monday as worries about delays to the oil supply arose from Houthi attacks on ships in the Red Sea, and buoyed by Russia's decision to reduce supplies in December.

As Houthi militants in Yemen escalated their attacks on commercial vessels in the Red Sea, maritime companies, notably the largest shipping lines announced during the weekend that they would steer clear of the Suez Canal.

Brent crude rose by 0.2%, to $76.72 per barrel, meanwhile US WTI advanced by 0.7% to $71.91 per barrel.

Fed’s decision the earlier week fueled anticipation that interest rate hikes are coming to an end and cutbacks are inevitable, and as a result, both benchmarks for oil saw minor gains last week, capping seven weeks of declines.

In an additional show of cooperation, Russia announced on Sunday that it will go ahead and restrict oil exports by up to 50,000 barrels per day in December, a month ahead of schedule—as the world's largest exporters attempt to keep oil prices stable.