Oil rose on Tuesday as an attack by the Iran-aligned Houthis on a chemical tanker escalated geopolitical tension in the Middle East, though concerns over excess supply and slowing demand kept a lid on gains.
A cruise missile launched from Houthi-controlled Yemen struck a commercial chemical tanker, causing a fire and damage but no casualties in the latest such attack to heighten safety risks for tankers in vital shipping lanes.
Brent crude futures for February rose 21 cents, or 0.3%, to $76.24 a barrel by 0915 GMT, while U.S. West Texas Intermediate crude futures for January delivery gained 27 cents, or 0.4%, to $71.59.
