• WTI price extends its gains on a threat of supply disruptions due to the Israel-Hamas conflict.
• Yemen’s Houthi rebels launched missiles at a ship headed for a port in Iran.
• US top shale-producing regions could increase output by 20,000 bpd to 9.7 million bpd in March.

West Texas Intermediate (WTI) oil price extends its winning streak initiated on February 5, buoyed by heightened geopolitical tension in the Middle East. The price of Crude oil climbs towards $77.00 per barrel during the Asian session on Tuesday. Yemen’s Houthi rebels reportedly launched missiles at a ship headed for a port in Iran, resulting in minor damage to the vessel but no injuries to its crew, according to authorities.

Israel concluded a series of airstrikes in the southern Gaza city of Rafah on Monday. Israeli Prime Minister Benjamin Netanyahu stated his intention on Sunday to escalate military operations in Rafah following the rejection of a ceasefire proposal from Hamas.

However, US President Joe Biden warned Netanyahu against launching a ground offensive in Rafah without a "credible and executable" plan to ensure the safety of the civilians there. Hamas also cautioned Israel, stating that a ground incursion in Rafah could jeopardize future hostage releases. However, Diplomatic discussions in Beirut indicated potential progress towards reducing tensions between Israel and Hamas