Tuesday saw a steady price of oil as investors evaluated the possible effects of attacks on ships in the Red Sea by Houthi terrorists from Yemen who are associated with Iran. These attacks have caused disruptions to maritime traffic and have forced corporations to reroute boats.

Brent crude slipped by 12 cents to $77.83 per barrel meanwhile WTI dipped 62 cents at $71.85 per barrel.

Due to concerns over potential trade delays via the Suez Canal, the shortest shipping route between Europe and Asia and the source of 15% of all global shipping activity, crude prices had increased by almost 2% on Monday.

Iran, the arch-enemy of the United States and Israel, has cautioned that the US and its allies are making a mistake by discussing the creation of a task force to guard Red Sea routes in response to the maritime strikes.

Eyes will also be on the most recent estimate of US supply. A Reuters poll indicated that a 2.2 million barrel drop in U.S crude inventory is anticipated.