Oil prices climbed higher on Wednesday on concerns about trade disruptions due to rising tensions in the Middle East after attacks on vessels in the Red Sea by Houthi forces.
Data showing an unexpected increase in U.S. crude inventory limited the uptick in oil prices.
West Texas Intermediate Crude oil futures for January ended higher by $0.28 or about 0.4% at $74.22 a barrel.
Brent crude futures settled at $79.70 a barrel, gaining $0.47 or about 0.6%.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.