Brent crude futures settled down $1.42, or 1.8%, at $79.65 a barrel, while U.S. WTI crude dropped $1.46, or 1.9%, to $74.11

Oil prices declined almost 2% 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 settled down $1.42, or 1.8%, at $79.65 a barrel. U.S. West Texas Intermediate (WTI) crude dropped $1.46, or 1.9%, to $74.11.

Danish shipping firm 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 in the region.

France’s CMA CGM also said it was resuming passage through the Red Sea after deployment of a multinational task force to the region.

I think we have to wait and see whether the increased naval patrols and rerouting of ships lead to a drop in attacks, said Callum Macpherson, head of commodities at Investec.

Both the Brent and West Texas Intermediate benchmarks settled more than 2% higher in the previous session as the latest attacks on ships in the Red Sea prompted fears of shipping disruption.

The prospect of a prolonged war in the region remained a major driver of market sentiment.

Elsewhere, oil loadings at the Russian Black Sea port of Novorossiisk were suspended due to a storm. However, the CPC terminal near the port was open, according to Kazakhstan’s energy ministry.

U.S. crude oil inventories rose last week by 1.84 million barrels, as per market sources citing American Petroleum Institute data on Wednesday.

U.S. government data on stockpiles is due on Thursday.