Oil prices held steady after a report that US crude inventories were shrinking, as traders monitored progress toward imposing new sanctions on Iran; The price of Brent crude settled above $88 per barrel after rising by about 1.6% last Tuesday.

According to the American Petroleum Institute, crude oil inventories nationwide saw a decline of 3.2 million barrels over the past week, the first decline in five weeks.

On the other hand, the US House of Representatives approved tougher measures towards Iran due to the attacks on Israel. Meanwhile, some refiners in Asia are preparing for scrutiny, but this is not expected to have a major impact on the market.

These movements in oil prices are supported by supply cuts from OPEC+, in addition to geopolitical risks in the Middle East and Russia.

Traders are studying US monetary policy expectations; Some expect a decline in interest rates, and data on the Federal Reserve's preferred inflation index is expected to be released within the next few days.