Oil Prices Slip as Oversupply Concerns Trump Middle East Tensions

Oil prices struggled for direction and fell early on Tuesday, reversing Monday’s gains, as concerns about oversupply overshadowed the escalation of tensions in the Middle East. As of 13:12 p.m. ET on Tuesday, the U.S. benchmark, WTI Crude, was trading slightly lower, by 0.63% at $74.29. The international benchmark, Brent Crude, was down by 0.76% at $79.45. Oil prices continue to struggle for direction despite the escalation of tensions in the Red Sea and the wider Middle Eastern region, as supply remains ample. U.S. and UK forces carried out…