Crude oil futures held firm on Thursday as fears of war between Israel and the Iran-backed militia Hezbollah overshadowed soft U.S. gasoline demand.
"The hurricane left a noticeable mark on US gasoline consumption," Prateek Kedia, vice president of global commodities research at JPMorgan, told clients in a research note Wednesday.
Here are today's energy prices:But oil still managed to close slightly higher Wednesday, as escalating tensions on the Israel-Lebanon border provided a price floor.
Daniel Yergin, vice chairman of S&P Global, told CNBC's "Squawk Box" on Wednesday that Middle East tensions are hanging over the market.
He cautioned that oil could spike again, pointing to the April rally when prices broke above $90 per barrel when Israel and Iran teetered on the brink of war.
Persons:
Alberto, Kedia, John Evans, Daniel Yergin, CNBC's
Organizations:
Beta Operating, JPMorgan, Israel, P Global
Locations:
Long Beach , California, Israel, Iran, U.S, Lebanon