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.
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.
Brent crude futures for November were up 21 cents, or 0.3%, at $74.11 a barrel at 0030 GMT.
"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.
Organizations:
Brent, Hezbollah, ANZ, U.S, National Hurricane Center
Locations:
Israel, U.S, Lebanon, Iranian, Hamas, Gaza, Iran, Gulf Coast, Gulf, Mexico, Cuba