Concerns over oversupply were countered by escalating tensions in the Middle East, particularly the Israel-Palestine conflict and attacks in the Red Sea region.

Brent crude, the international benchmark, experienced a marginal decrease to $82.11 per barrel, while West Texas Intermediate (WTI), the American benchmark, saw a slight increase to $77.48 per barrel.

The week began with reports of Israeli strikes in Gaza, contributing to a bearish sentiment in oil markets. However, ongoing conflict in the region, coupled with attacks by Yemen's Houthi group in the Red Sea targeting Israeli-linked cargo ships, put upward pressure on prices.

In the United States, bearish economic data, including a significant decline in January retail sales and an unexpected increase in crude oil inventories, tempered price gains. Speculation arose regarding the Federal Reserve's interest rate policies in response to the downturn in consumer spending.

Additionally, the International Energy Agency (IEA) forecasted a continued oversupply in the oil market, with global oil supply expected to surpass demand through 2024.

Overall, the week saw oil prices influenced by a complex interplay of geopolitical tensions and economic indicators, with conflicting forces shaping market sentiment.