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West Texas Intermediate (WTI) Oil price edges higher after two days of losses, trading around $70.40 per barrel during the Asian session on Friday. Crude Oil is set for a slight weekly gain as prevailing tensions in the Middle East and upcoming ceasefire discussions for Gaza keep traders cautious.Oil market participants are closely watching for Israel’s response to Iran’s missile attack on October 1, which raised concerns about potential strikes on Tehran’s Oil infrastructure that could disrupt supply chains. However, reports indicate that Israel may target Iranian military sites rather than nuclear or oil facilities, according to Reuters.In parallel, US and Israeli officials are preparing to resume talks on a potential ceasefire and the release of hostages in Gaza in the coming days. US Secretary of State Antony Blinken stated Thursday that the United States does not support a prolonged Israeli campaign in Lebanon, while France has advocated for an immediate ceasefire and diplomatic efforts.The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, retreated from its late-July high, hovering around 104.00. This pullback supported demand for dollar-priced Oil.However, Oil prices faced downward pressure following a larger-than-anticipated rise in US stockpiles last week, driven by increased imports and an unexpected rise in gasoline inventories as refineries boosted output after seasonal maintenance.Data from the US Energy Information Administration (EIA) on Wednesday showed a crude oil stock build of 5.474 million barrels, bringing total inventories to 426 million barrels for the week ending October 18, far surpassing the forecasted 0.7 million-barrel increase.More By This Author:USD/CHF Hovers Around 0.8650 Close To Two-Month Highs, US PMI Awaited Australian Dollar Gains Ground Following Domestic PMI Release EUR/GBP Depreciates Toward 0.8300 Due To Rising Likelihood Of Another Rate Cut By The ECB