Oil was little changed after two days of gains, as traders and shippers braced for the prospect of more disruption in the Red Sea.
Global benchmark Brent held near $79 a barrel after rising more than 3% in the previous two sessions. West Texas Intermediate was steady near $74. The US and its allies are considering possible military strikes against Iran-backed Houthi rebels in Yemen in recognition that a previously announced task force may not be enough to eliminate the threat to shipping in the vital waterway.
The escalated geopolitical risks have introduced a premium to an oil market plagued by skepticism about OPEC adhering to production cuts and concerns of increased supply from outside the cartel, especially from the US.
