Oil prices edged higher but current sentiment is divided between concerns over weaker economic growth and escalating tensions in the Middle East following fresh attacks from Iran-backed Houthis on U.S. ships.
Recent attacks in the Red Sea are fuelling fears of a broader regional conflict in the Middle East, but oil production hasn’t been directly affected so far, limiting further price gains, according to analysts.
“Crude oil is rangebound, torn between new bullish geopolitical risks and worsening global growth and demand prospects,” Peak Trading Research said.