Oil Edges Higher as Israel-Lebanon Strikes and Iran Sanctions Risk Lift Brent Near $89
Brent crude rose as much as 0.5% to almost $89 a barrel as renewed Israeli attacks on Lebanon and the prospect of fresh U.S. sanctions on Iran added to geopolitical uncertainty.
Brent crude rose as much as 0.5% to nearly $89 a barrel as traders looked for the next market catalyst amid renewed geopolitical tension.
Israeli forces carried out fresh attacks on Lebanon, and Israel said it killed 11 people, including a senior Hezbollah commander, in one of the deadliest days of fighting in months.
Markets also weighed the possibility of new U.S. sanctions on Iran, adding to supply-risk concerns ahead of the formal end of the ceasefire due Monday.
Source: First Squawk