Oil prices rose on Tuesday, recovering some of the previous day’s losses, as investors remained nervous that the Israel-Hamas war could escalate into a wider conflict in the oil-exporting region, causing potential supply disruptions.
Brent crude futures climbed 57 cents, or 0.6%, to $90.40 a barrel by 0321 GMT, while U.S. West Texas Intermediate crude futures increased 54 cents, or 0.6%, to $86.03 a barrel.
“The market is up on an adjustment after a drop in the past two sessions and on nagging fears of possible supply disruptions in the Middle East,” said Yuki Takashima, economist at Nomura Securities.
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