By Tuesday saw a 1% increase in oil prices, offsetting the previous session’s loss due to supply concerns raised by the worsening Middle East conflict, better-than-expected US services sector statistics, and a production freeze at Libya’s Sharara oilfield.
By 8:38 a.m. Saudi time, Brent crude futures had increased by 76 cents, or 1 percent, to $77.06 a barrel, while US West Texas Intermediate crude futures had increased by 92 cents, or 1.26 percent, to $73.86.
On Monday, both benchmarks experienced a roughly 1% decline among declining worldwide stock markets.
Growing worries that Iran, a major Middle Eastern supplier, may strike back against Israel and the US for the murder of a Hamas leader in Tehran and the Israeli strike that killed a Hezbollah commander in Lebanon, possibly sparking a wider regional conflict, restrained the decline in oil prices.
According to US sources who spoke to Reuters on Monday, an attack on a military base in Iraq resulted in the injuries of at least five US servicemen. Whether the attack was connected to the threats of reprisal remained unclear.
According to a State Department spokeswoman on Monday, the US has been pleading with other nations to tell Iran that escalation is not in its best interests.
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