Oil rises as conflict in the Middle East and tankers diverting ‎their course escalate ‎

Oil prices rose slightly on Tuesday as the conflict in the Middle East escalated and ship tracking data showed that more tankers diverted away from the Red Sea.

According to Reuters, Brent crude futures rose 12 cents, or about 0.2%, to $78.27 per barrel by 0002 GMT. Crude oil closed 14 cents lower on Monday

US West Texas Intermediate crude fell 17 cents, or 0.2%, to $72.52 a barrel after a public holiday in the United States on Monday.

An official from the Yemeni Houthi group said on Monday that the movement would expand its targets in the Red Sea region to include American ships, and the group pledged to continue attacks after the American and British strikes on its positions in Yemen.

More oil tankers headed away from the southern Red Sea on Monday due to the unrest, which led to an increase in the cost of shipping and the time it takes to transport oil from one place to another.

Oil prices rose 2 percent last week due to conflict in the region, but the lack of a direct impact on oil production may limit gains, according to analysts.