Oil edges lower after rallying to highest in over a month on Middle East war risk
Oil prices edged lower in early Asian trading hours on Tuesday as traders booked profits after prices rallied to their highest in over a month on Monday amid fears that the Middle East could be on the brink of a region-wide war.
Oil prices slide after rallying to highest in over month with Middle East tension
International benchmark Brent crude fell by 2% to $79.16 per barrel at 10.39 am local time (0739 GMT), down from Monday’s close of $80.80. Meanwhile, US benchmark West Texas Intermediate (WTI) declined by 2.18% to $75.14 per barrel, compared to its prior session close of $76.82.
Oil Prices Rise as Middle East Tensions Simmer
Oil prices were on the rise in Europe as the market awaited new developments in the Middle East, where geopolitical tensions are boiling over, ING said.
Oil prices extend gains on fears of wider Middle East conflict
Oil prices extended gains on Monday, with Brent nearing $80 to build on last week's steepest weekly jump since early 2023, driven by fears of a wider Middle East conflict and potential disruption to exports from the major oil-producing region.
Oil prices extend upward march on Mideast tensions
World oil prices rallied more than two percent Monday as tensions escalated in the crude-rich Middle East one year after the deadly Hamas attacks on Israel.
Oil prices surge dramatically due to Middle East tensions
Oil prices have continued to rise due to fears of oil production strikes in Iran. Sky News Business Reporter Edward Boyd said Brent crude oil has lifted to above $US81 a barrel which is the “highest level since August”.
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