Oil prices edged higher after a Norwegian tanker in the Red Sea off the coast of Yemen was struck by a missile fired by Houthi rebels, raising concerns over shipping disruptions in the Middle East.
The U.S. Central Command said the tanker was attacked on Monday by an anti-ship cruise missile launched from a Houthi-controlled area of Yemen while passing through the Bab-el-Mandeb Strait.
For the last seven weeks, crude prices have fallen on lingering oversupply concerns and skepticism around OPEC+ supply cuts. This week, traders will watch out for OPEC and the IEA’s monthly reports as well as rate decisions from major central banks.