Concerns over potential supply disruptions from the escalating conflict between Israel and Hezbollah in the Middle East, coupled with a looming tropical storm threatening US oil production, pushed oil prices higher on Tuesday.
KUALA LUMPUR - Oil prices rose on Tuesday on concerns the intensifying conflict between Israel and Hezbollah may impact supply in the key Middle East producing region and a tropical storm may impact output in the U.S., the world's biggest crude producer, later this week.Both contracts closed lower on Monday as demand worries took precedence in investors' minds after disappointing euro zone business activity and on lingering concerns about Chinese fuel consumption.
Israel and Hezbollah, an Iranian-backed group based in Lebanon, exchanged fire after thousands of pagers and walkie-talkies used by Hezbollah members exploded last week. The attack was widely blamed on Israel. "The oil market has been concerned that rising tensions in the region were dragging the OPEC oil producer closer to engagement," said ANZ bank said in a note, referring to Iran.
U.S. oil producers were evacuating staff from Gulf of Mexico oil production platforms as forecasters predicted the second major hurricane in two weeks could tear through offshore oil producing fields.
Oil Prices Israel-Hezbollah Conflict Hurricane Supply Disruptions US Production
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