RoydadNaft –  Oil prices showed little change on Tuesday as investors assessed the diminished hopes for a Russia-Ukraine peace agreement and rising geopolitical tensions in the Middle East surrounding Yemen.

The Brent futures contract for February delivery—which expires on Tuesday—rose 15 cents to $62.09 per barrel as of 09:18 GMT. The more active March contract also gained 12 cents to $61.61.

U.S. West Texas Intermediate crude rose 14 cents to $58.22.

Both Brent and WTI benchmarks had risen more than 2% in the previous session due to Saudi Arabia launching airstrikes against Yemen and after Moscow accused Kyiv of targeting Putin’s residence, denting hopes for a peace deal.

Kyiv dismissed Moscow’s accusation as baseless and aimed at undermining peace negotiations. U.S. President Donald Trump, following a phone conversation with Putin, said he was furious about the details of the alleged attack.

Ed Meir, an analyst at Marex, said: “I think the markets sense that reaching an agreement will be very difficult.”

Additionally, supply concerns were heightened by airstrikes from the Saudi-led coalition against what it described as foreign military support for UAE-backed southern separatists in Yemen.

The coalition has asked UAE forces to leave Yemen as tensions rise between the two Gulf oil powers.

Traders were also monitoring other Middle East developments after Trump stated that the United States might support another major strike on Iran if Tehran resumes rebuilding its ballistic missile or nuclear weapons programs.

Despite renewed fears of potential supply disruptions, the prevailing view of global oversupply remains and could cap price gains, analysts say.

Ed Meir from Marex said prices will trend downward in the first quarter of 2026 due to “growing oil surplus.”