Oil futures edged lower on a likely technical correction after Brent futures settled above $100 per barrel overnight for the first time in two months. However, losses may be limited by rising concerns over supply disruptions in the Middle East.

President Trump said the U.S. would hold Iran responsible for future attacks by the Houthi militants after the group fired on two Saudi tankers in the Red Sea. “Hostilities in the Red Sea raised concerns of further supply disruptions,” ANZ Research analysts say in a research report. “This has been an alternative route through which Saudi Arabia has exported oil since the closure of the Strait of Hormuz,” they add.

Front-month WTI crude oil futures are 0.1% lower at $92.10 a barrel.