Today, crude oil prices rose again after yesterday's fall due to concerns over the escalating Middle East conflict.
Markets will be more focused on attacks in Gaza and the Red Sea even as a sharp increase in US crude stockpiles limits gains.
Brent crude rose 48 cents (0.48%) to $77.17 a barrel and US West Texas Intermediate crude rose 32 cents (0.45%) to $71.69 a barrel in today's trading session.
Both of these crudes were found lower yesterday and the sudden surge in US oil inventories. This raises concerns about demand in the global crude oil market.
However, the market remains on edge after news of the Yemen-based Houthi group launching their biggest attack yet on commercial shipping lanes in the Red Sea.
In addition, Israel also launched more attacks in southern and central Gaza yesterday.
The United States and Britain were forced to intervene if the attacks continued and the UN Security Council passed a resolution ending the conflict.
The situation has left the oil market in a state of uncertainty this week and investors are looking for other clues to bolster expectations.
US crude oil inventories rose by 1.3 million barrels last week to 432.4 million barrels compared to analysts' forecast of 700,000 million barrels.
The market is now focused on the US inflation data that will be released tonight and clarify the view on how long the Federal Reserve (Fed) will cut interest rates.
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