Despite heightened geopolitical tensions in the Middle East, West Texas Intermediate (WTI) oil prices struggle to sustain intraday gains, facing challenges in breaking a three-day losing streak. The United States (US) and the United Kingdom (UK) executed new air strikes on the Iran-backed Houthi militant group in Yemen over the weekend. However, crude oil prices have not been able to maintain their upward momentum, currently trading around $72.30 per barrel in the Asian session.

The recent airstrikes were a response to a drone attack that resulted in the death of three US service members in Jordan. In retaliation, Yemen’s Houthi rebels have declared an extension of their military operations. On Sunday, White House national security adviser Jake Sullivan cautioned that the US airstrikes on Iranian-backed militias in the Middle East were just the beginning of a sustained response. Sullivan also hinted at the possibility of future strikes on Iranian soil. Despite these developments, WTI oil prices continue to grapple with challenges, influenced in part by solid US labor data released on Friday.