Baghdad: Oil prices stabilized on Thursday amid weak demand in the United States and the prospect of widespread supply increases, despite escalating tensions in the Middle East and the Russian war in Ukraine.

According to National Iraqi News Agency, Brent crude futures rose one cent, or 0.01%, to $67.50 a barrel by 01:56 GMT. U.S. West Texas Intermediate (WTI) crude futures rose two cents, or 0.03%, to $63.69.

Both benchmarks experienced an increase of more than $1 on Wednesday. The rise followed an Israeli attack on the political leadership of the Palestinian Hamas movement in Qatar and Poland’s activation of its air defenses. NATO air defenses were also engaged to shoot down suspected Russian drones that had strayed into Polish airspace during an attack on western Ukraine.