While the attacks on ships in the Red Sea have exacerbated supply concerns, oil prices have maintained the gains made the day before.

West Texas Intermediate (WTI) oil futures rose 1 cent to $77.59 per barrel. Brent oil futures fell by 1 cent to $82.52 per barrel at 0435 GMT. Both oil benchmarks rose by more than 1% on Monday, following declines of 2% to 3% in the previous week as markets took into account the increased likelihood that rate cuts will take longer to come. Oil prices were also supported on Tuesday by indications of improved demand in China.