An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma.
Oil prices edged slightly higher on Tuesday as the Middle East crisis escalated and ship tracking data showed more tankers altering course away from the Red Sea in response to attacks in the area by Yemen's Houthi movement.
U.S. West Texas Intermediate crude was down 17 cents, or 0.2%, at $72.52 per barrel after a U.S. public holiday on Monday.
More oil tankers were steering clear of the southern Red Sea on Monday, due to the disruptions, increasing the cost of shipping and the time it takes to move oil from one place to another.
Oil prices rose 2% last week in response to the rising conflict in the region, but the lack of direct impact on oil production could be limiting gains, according to analysts.
Persons:
Yemen's, INTERTANKO
Organizations:
Brent, . West Texas, Combined Maritime Forces
Locations:
Cushing , Oklahoma, ., U.S, Iran, Yemen, Bahrain, Mandab, Hormuz