Oil prices rose on Wednesday from multi-month lows on concerns that the escalating conflict in the Middle East could hurt oil production even as concerns about weak demand for crude persisted.
Price action
Brent crude futures were up $1.10, or 1.4 percent, at $77.58 a barrel by 10:55 GMT.
WTI crude rose $1.05, or 1.4 percent, to $74.25 a barrel
On Monday, Brent crude futures fell to their lowest since early January, and WTI futures touched their lowest since February, as global stocks fell on fears of a possible recession in the United States after weak jobs data.
Crude oil prices broke a three-session losing streak on Tuesday, as tensions in the Middle East continued to stoke supply concerns in Wednesday's trading session.
The Middle East is bracing for a possible new wave of escalation, heightening fears of a wider war in the region.
US Secretary of State Antony Blinken said US officials were in contact with allies and partners in the region and there was "unanimous agreement" that no party should take any actions that would escalate the situation.
"Any escalation of the conflict in the Middle East could increase the risk of disruption to supplies from the region," said Daniel Hynes, an analyst at ANZ.
Prices fell earlier in the session after US data showed an unexpected build in crude and gasoline inventories.
Market sources said on Tuesday that US crude, gasoline and distillate stockpiles rose last week, citing figures from the American Petroleum Institute.
China's daily crude oil imports fell in July to their lowest since September 2022, trade data showed.
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