Oil prices were little changed in Asian trade on Wednesday after sharp moves earlier in the week, as markets weighed concerns about the U.S. economy against potential supply disruptions from ongoing tensions in the Red Sea, according to Reuters.
Brent crude fell 1 cent, or 0.01%, to $75.88 a barrel by 0733 GMT, while U.S. West Texas Intermediate crude futures slipped 8 cents, or 0.11%, to $70.3 a barrel.
Oil prices had climbed around $2 earlier in the week following attacks on vessels in the Red Sea by Houthi rebels over the weekend and the reported arrival of an Iranian warship on Monday. A wider conflict could close crucial waterways for oil transportation and disrupt trade flows, Reuters reported.