Global oil prices inch up amid red sea tensions and economic complexity

In a volatile trading session on Wednesday, oil prices experienced a modest uptick as concerns over global trade disruption and heightened tensions in the Middle East gripped investors. Greece had issued a cautionary advisory to commercial vessels, urging them to steer clear of the Red Sea in the wake of recent attacks on ships by Houthi forces.

Simultaneously, positive inflation signals emerged in Europe, adding another layer of complexity to the economic landscape. Against this backdrop, oil prices settled slightly higher, reflecting the uncertainty in the market as investors grappled with the dual challenges of geopolitical tensions and economic indicators.

Brent crude futures settled up 47 cents/barrel or 0.6%, closed at $79.70/barrel, 

WTI crude settled up 28 cents/barrel or 0.4% at $74.22/barrel.