Oil ticked up on Tuesday as markets are concerned over the ongoing conflicts in the Middle East, but gains were limited by worries that lingered high rates could pressure the demand.

Brent futures edged up by 46 cents to $82.46 per barrel, while WTI advanced by 52 cents at $77.44 per barrel.

Oil prices were almost muted in Monday's trade, following a climb of 6% the previous week.

Disruptions in the Middle East drove prices higher. To discuss a ceasefire in Gaza, officials from the United States, Egypt, Israel, and Qatar were scheduled to convene in Cairo on Tuesday. Around a million or more Palestinians flocked to a southernmost point of the Palestinian enclave, fearing Israeli’s attack.

According to data released on Tuesday, U.S. consumer prices rose more than anticipated in January due to increases in the cost of housing and healthcare.

However, it is unlikely that the increase in inflation will alter forecasts that the Federal Reserve will begin reducing interest rates in the first six months of 2024.