Brent crude rose slightly to $108.00 per barrel, while West Texas Intermediate held firm near $102.08.
Both benchmarks stay above the $100 threshold following significant disruptions to vital global trade routes this year.
Market analysts expect sharp price swings to persist until the industry sees a permanent resolution to supply threats.
The International Energy Agency warns that global oil supply will likely fail to meet total demand this year.
Recent data shows massive inventory declines as regional production levels face ongoing challenges and logistical constraints.
UBS analysts noted that large oil inventory drops over the last two months highlight the current market’s fragility.
Meanwhile, rising fuel costs continue to impact the U.S. economy, driving inflation to a three-year high in April.
Traders now await official stockpile data to determine if prices will maintain this upward momentum through the week.
