Oil prices climbed on Wednesday on estimates about shrinking US crude and gasoline inventories as the market watched for a possible widening of tensions in the Middle East, which could curtail global oil supplies.

Brent crude futures rose 30 cents to $80.99 a barrel.

US West Texas Intermediate crude increased by 38 cents to $78.73 per barrel.

Official government data from the Energy Information Administration is due later on Wednesday.

The International Energy Agency (IEA) kept its 2024 global oil demand growth forecast unchanged on Tuesday but trimmed its 2025 estimate.

Source: Qatar News Agency