Oil prices rose by more than 1% during trading on Tuesday, September 24, as the conflict in the Middle East widened, coinciding with an American storm that threatens production levels.
In terms of trading, Brent crude futures rose by about 1% to $74.67 per barrel. US crude futures rose by 1.3% to $71.25 per barrel.
The Israeli military said it launched air strikes on Hezbollah positions in Lebanon on Monday, killing 492 people and forcing tens of thousands to flee for safety in the country's deadliest day in decades, Lebanese authorities said.
A number of Arab and foreign airlines have moved to suspend their flights to Beirut. The spokesman for the Secretary-General of the United Nations, Antonio Guterres, said that the Secretary-General is concerned about the escalation of the situation in Lebanon and is deeply concerned about the large number of civilian deaths and injuries announced by the Lebanese authorities.
Traders are also watching the weather as the U.S. Gulf Coast faces the threat of a hurricane by the end of the week.
