Oil prices were higher today gaining about 3% to settle at the highest close since December. Geopolitical tensions in the Middle East and disruptions to shipping in the Red Sea corridor remained in focus during today’s session. “We are finally seeing energy markets wake up to the distinct possibility that these supply chain disruptions will rumble on for months yet,” said Joshua Mahony, chief market analyst at Scope Markets. “The prospect of a military solution to ensure safe passage looks unlikely,” he added. “The prospect of a military solution to ensure safe passage looks unlikely,” he added. Oil prices also drew support from expectation China’s economy is recovering after the central bank announced a deep cut in bank reserves on Wednesday. WTI traded up $2.27 or 3.02% to close ay $77.36. Brent traded up $2.39 or 2.9(% to close at $82.43.