Oil futures were being watched as a bellwether late Sunday as Western diplomats and leaders warned Iran not to wade into the Israel-Hamas war, as Israeli forces appeared on the verge of a ground invasion of Gaza.
On Sunday, Iran’s foreign minister warned of escalation, saying others in the region were prepared to act, Reuters reported, citing Iran’s semiofficial Fars news agency. “There is a risk of an escalation of this conflict, the opening of a second front in the north, and of course of Iran’s involvement — that is a risk,” White House National Security Adviser Jake Sullivan told CBS News’ Face the Nation on Sunday morning. “And that’s a risk that we have been mindful of since the start.”
“The president of the republic warned President Raisi against any escalation or extension of the conflict, especially to Lebanon,” Macron’s office said in a statement. Fears the Israel-Hamas war could spill over, perhaps involving Iran and threatening oil supplies from the Mideast, saw traders rebuild a risk premium after an initial spike last Monday was mostly erased in subsequent sessions.
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