Oil gained nearly 1% on escalating Middle East tension

International benchmarks for crude oil ended the trading session on Thursday, 11 January 2024 with a nearly 1% gain after Iran seized an oil tanker off the coast of Oman, which further fueled concerns over the Middle East tension. 

The increases were capped by the higher-than-expected inflation data in the US and news that China is seeking lower oil imports from Saudi for February.

Brent futures concluded the trading day at $77.41/barrel, increased by 61 cents or 0.8%.

WTI added 65 cents or 0.9% to settle at $72.02/barrel.