Oil prices are still high and tend to continue to increase

Oil prices were essentially flat on Thursday, with US crude currently trading around $85.22 per barrel. The market weighs a variety of factors, paying attention to tensions in the Middle East and considering the impact of rising US crude inventories. Oil prices closed about 2% higher on Wednesday, boosted by concerns about conflict in the Middle East. But oil prices lacked clear direction on Thursday, as investors viewed rising U.S. crude inventories as a sign of weak demand.

Data from the US Energy Information Administration (EIA) showed that US crude oil inventories rose by 1.4 million barrels last week to 421.1 million barrels, much higher than the 240,000 barrel increase seen by oil stocks. analysts predicted in a Reuters survey.