Oil Falls in Choppy Session as Supply Gains Blunt Red Sea Risks
- US, UK launch more strikes as attacks on shipping persist
- Crude yet to set direction this year amid oversupply concerns
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Oil fell in a choppy session as traders weighed escalating military activity in the Middle East against expectations of rising supplies.
The US and UK launched more airstrikes against the Houthis on Monday to prevent the Iran-backed group from attacking commercial vessels in the Red Sea. Despite the increased geopolitical tensions, West Texas Intermediate fell 0.5% to settle near $74 a barrel after swinging in a range of less than $2.