On Tuesday, February 17, international crude oil futures closed higher across the board, supported by escalating geopolitical tensions in the Middle East and a weaker U.S. dollar, which improved market sentiment.

The April contract for WTI crude settled at $63.73 per barrel, an increase of $0.92, or 1.46%, from the previous session. During the trading day, it reached a high of $63.87 and a low of $62.49 per barrel.

The April Brent crude contract settled at $68.65 per barrel, rising by $0.89, or 1.32%.

Fundamentally, persistent risks to shipping in the Red Sea continued to disrupt supply expectations. Coupled with weaker-than-expected U.S. economic data, which led to a decline in the U.S. dollar index, these factors provided support for oil prices. However, market concerns remain regarding sluggish global demand recovery, and with U.S. crude inventories remaining at elevated levels, the upside for oil prices is limited. In the short term, oil prices are expected to maintain a volatile pattern, with close attention being paid to upcoming inventory data and developments in the geopolitical situation.