Oil Prices Surge Amid Fears of Escalating Middle East Conflict and US Storm Threats

Oil prices rose on Tuesday on concerns the intensifying Zionist escalation on Lebanon may impact supply in the key Middle East producing region and a tropical storm may impact output in the U.S., the world’s biggest crude producer, later this week.

Brent crude futures for November were up 21 cents, or 0.3%, at $74.11 a barrel at 0030 GMT. U.S. crude futures for November were up 24 cents, or 0.3%, at $70.61.
Both contracts closed lower on Monday as demand worries took precedence in investors’ minds after disappointing euro zone business activity and on lingering concerns about Chinese fuel consumption.