LONDON, Dec 27 Reuters Oil prices stabilised on Wednesday after the previous day39;s strong gains as investors monitored Red Sea developments, with some major shippers resuming passage through the trade route despite continued attacks and broader Middle East tensions.

Brent crude futures was down 17 cents, or 0.21, at 80.90 a barrel by 0940 GMT. U.S. West Texas Intermediate crude eased by 34 cents, or 0.45, to 75.23 a barrel.

The benchmarks settled more than 2 up in the previous session as fresh attacks on ships in the Red Sea prompted fears of shipping disruption, with further price support from hopes of U.S. interest rate cuts that could boost economic growth and fuel demand.

Despite the attacks by Yemen39;s Iranbacked Houthi militia, large shipping companies such as Maersk and France39;s CMA CGM were resuming passage through the Red Sea after the deployment of a multinational task force to the region.

Despite shutting down shipping channels and rerouting vessels, how far the global supplies are impacted is still debatable, said Priyanka Sachdeva, senior market analyst at Phillip Nova.

The prospect of a prolonged Israeli military campaign in Gaza also remains a major driver of market sentiment.

Israel39;s Chief of Staff Herzi Halevi told reporters on Tuesday that the Gaza war would go on for many months.

Elsewhere, oil loadings at the Russian Black Sea port of Novorossiisk were suspended because of a storm on Wednesday, sources told Reuters.

But crude exports…