ENERGY MARKETS – Oil prices rise on concerns of broader Middle East conflict

Brent crude futures for November were up 21 cents, or 0.3 percent, at 74.11 dollars a barrel. U.S. crude futures for November were up 24 cents, or 0.3 percent, at 70.61 dollars.

Both contracts closed lower on Monday as demand worries took precedence in investors’ minds after disappointing euro zone business activity and lingering concerns about Chinese fuel consumption.

Israel’s military said it launched airstrikes against Hezbollah sites in Lebanon on Monday, which Lebanese authorities said had killed 492 people and sent tens of thousands fleeing for safety in the country’s deadliest day in decades.

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.

Hezbollah has been trading fire with Israeli forces across the frontier since its Palestinian ally Hamas in Gaza and Israel went to war on Oct. 7.
 

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