From Dow Jones & Company:

Oil futures are rising, with West Texas Intermediate crude for February delivery up 49 cents to $72.68 a barrel. March Brent crude is up 30 cents to $77.89 a barrel. The market comes off a down year in 2023 with worries over demand and increased production. Attacks on shipping in the Red Sea by Iran-backed Houthi rebels in Yemen have sparked fears of a wider conflict that could curtail crude flows. De-escalation is unlikely, and oil prices should remain well supported. However, crude slumped after U.S. government data showed a significant increase in gasoline and distillate stockpiles.



Read more: Oil heads for weekly gain, buoyed by Middle East tensions