Oil had a strong session today settling up about 3% as tensions in the Middle East continue to mount. Tensions are flaring from Gaza to Lebanon and the Red Sea prompting concerns that a wider Middle East conflict could develop and close crucial oil transport waterways. Federal Reserve officials appeared increasingly convinced inflation was coming under control, according to the minutes of U.S. central bank’s December meeting. The Fed is widely expected to keep rates on hold in January but traders have priced in a 65.7% chance of a 25 basis point rate cut in March. WTI traded up $2.32 or 3.3% to close at $72.70. Brent traded up $2.36 or 3.1% to close at $78.25.