WTI oil prices rose to nearly $73.00 per barrel during the Asian session last Thursday due to tensions between Israel and Gaza and disruptions in Libyan oil fields. This increase was triggered by the launch of two anti-ship ballistic missiles by the Iran-backed Houthis in the southern Red Sea.

This incident heightened concerns over maritime security in the region. Additionally, a tragic incident occurred in Iran, where nearly 100 people were killed in an explosion during an event commemorating Qassem Soleimani, who was killed in a U.S. drone strike in 2020.

On Wednesday, production at the major Sharara oil field in Libya was halted due to local protests, which is capable of producing up to 300,000 barrels per day. Meanwhile, OPEC+ and its allies reaffirmed their commitment to ongoing cooperation and dialogue, with the group’s meeting scheduled for February 1 to evaluate the latest oil production cuts.

Crude oil prices were also supported by the Weekly Crude Oil Stock data released by the American Petroleum Institute (API) on Wednesday. The data showed a significant decline in U.S. crude oil stocks by 7.418 million barrels for the week ending December 29, exceeding market consensus, which predicted a decrease of 2.967 million barrels. Additionally, anticipation grew as the Energy Information Administration (EIA) was set to release the U.S. Crude Oil Inventory Change on Thursday.

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