Oil prices were lower today as global supplies have been mostly unaffected by worries of a wider Middle East crisis. “I think there is a growing realization that we haven’t seen any real supply disruption. The market is refocusing itself away from geopolitical issues, and looking at global demand for crude,” said Dennis Kissler, senior vice president of trading at BOK Financial. However, investors were keeping a close eye on any disruptions, particularly to oil shipping lanes, analysts said. Iran-aligned Houthi militants have attacked ships passing through the Red Sea, forcing tankers to choose longer alternate routes. OPEC+’s policy as agreed in June calls for some members to gradually phase out cuts of 2.2 million barrels per day from October 2024 to September 2025. The group also agreed to extend earlier cuts of 3.66 million bpd until end-2025. WTI traded down $1.60 or -2.1% to close at $76.31. Brent traded down $1.32 or -1.6% to close at $79.52.