Crude oil futures ended lower on Tuesday amid ongoing concerns about the outlook for demand. However, trades were cautious as tensions continued to escalate in the Middle East. Yemen’s Houthi militants said they had attacked the Rubymar cargo vessel in the Gulf of Aden. The vessel was seen at risk of sinking. A U.S.- and U.K.-led coalition has conducted a number of airstrikes against Houthi targets in response to drone and missile attacks in the region that have forced shippers to reroute to avoid the Red Sea. The Houthis vowed to continue their attacks.
Benchmark crude oil futures for March delivery fell $1.01 or 1.3% to settle at $78.18 a barrel on the New York Mercantile Exchange. Brent crude for April delivery dropped $1.22 or 1.5% to $82.34 per barrel on London's Intercontinental Exchange.