Early Asian trading hours on Tuesday saw an increase in oil prices as investors booked profits following a Monday rally to the highest level in more than a month on worries that a regional conflict would break out in the Middle East.
One year after Israel’s war in Gaza began due to an attack by Hamas, fighting in the Middle East escalated after Iran-backed Hezbollah fired missiles toward Israel’s third-largest city, Haifa, and Israel appeared ready to expand its offensive into Lebanon.
By 00:29 GMT, Brent crude futures had dropped 23 cents, or 0.3%, to $80.70 per barrel. U.S. West Texas Intermediate futures dropped to $76.94 per barrel, or 20 cents, or 0.3%.
