Oil ticked up on Wednesday, recovering from last week drop, on lingered disruptions in the Middle East, halting the shipping via the Red Sea.

US crude futures edged up by 2.4% at $73.11 per barrel, meanwhile brent crude advanced by 2.2% to $78.52 per barrel.

The Houthis, who are based in Yemen, have already launched multiple disruptions for the Red Sea shipping. On Thursday, Iran's state-run media announced that the country had seized a tanker carrying Iraqi crude that was headed for Turkey. This development raised tensions in the area.

The largest economy in the world saw an acceleration in its year-over-year CPI the previous month, rising from 3.1% in November to 3.4%. On a monthly basis, the rate rose to 0.3%. The estimates that the economists had seen were 3.2% and 0.2%, respectively.

In order to gain additional insight into the state of the economy of the biggest oil importer in the world, traders are also awaiting Friday's release of Chinese inflation and trade figures.