Brent crude futures gained 38 cents, or 0.5 percent, to $72.37 a barrel in Tuesday trading.
The modest advance reflects a shifting market narrative, as traders look past recent geopolitical headlines to assess the balance of supply recovery and demand prospects.
Multiple wire services reported that while geopolitical risks in the Middle East have receded from the immediate foreground, they are no longer the primary driver of price action.
Instead, market participants are weighing the impact of increasing global supply against uncertain demand growth.
This pivot has capped upside momentum, keeping prices range-bound despite the slight gain.
The shift in sentiment marks a departure from earlier sessions where short-covering and pre-holiday positioning drove advances.