Oil prices rise as tensions in the Middle East escalate and US crude stockpiles increase. US crude futures climb 0.28% to $71.57 a barrel, while Brent crude futures gain 0.27% to $77.01 a barrel. The Energy Information Administration (EIA) reports that US crude inventories rose by 1.3 million barrels, reaching 432.4 million barrels. Analysts predict prices to range between $67 and $77 in the near term. Additionally, Yemen-based Houthis launch a major attack on Red Sea shipping lanes, prompting warnings from the US and Britain.
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