Wednesday saw no movement in oil prices as investors continued to monitor the Red Sea scenario in the wake of the latest attacks by Houthi insurgents in Yemen who are associated with Iran.

Brent crude slipped 0.1%, to $79.15 per barrel while WTI steadied at $73.94 per barrel.

Along with major shipping firms being forced to reroute due to strikes by Yemeni Washington raised concerns about lingered delays to global trade on Tuesday by forming a task group to protect Red Sea commerce.

The Red Sea and the Suez Canal are traversed by about 12% of global maritime trade. The majority of Middle Eastern crude is exported via the Strait of Hormuz, accordingly the effect on supply has been little thus far, according to analysts.

According to the Energy Department's report on Tuesday, the United States purchased 2.1 million barrels of petroleum for delivery in February, increasing the total amount purchased to around 11 million barrels. This replenishment of the Strategic Petroleum Reserve (SPR) follows the largest-ever sale of crude oil in history the previous year.