Oil Prices Fluctuate Amid Economic Concerns and Middle East Tensions

Despite increased tanker diversions due to conflict, direct impact on oil production remains limited.

Oil prices fluctuated due to a mix of economic concerns and geopolitical tensions in the Middle East, particularly in the Red Sea region.
The ongoing conflict in the Middle East has led to diversions of oil tankers, increasing shipping costs and time, but has not directly impacted oil production.
Extreme cold weather in the U.S. has curbed oil production, with North Dakota's output falling by 400,000 to 425,000 barrels per day.
Yemen's Houthi movement has expanded its targets in the Red Sea to include U.S. ships, leading to more tanker diversions.
Despite the rising conflict in the Middle East, the lack of direct impact on oil production has limited gains in oil prices.