By David Uberti
Oil prices climbed about 3% Tuesday after the White House warned that Iran is preparing to launch a ballistic missile attack against Israel.
Benchmark U.S. crude futures recently traded around $70 a barrel, still below their level a week ago.
Oil prices have languished near multi-year lows in recent weeks despite a series of Israeli strikes in Lebanon targeting the Tehran-backed militant group Hezbollah. The widening campaign against the U.S.-designated terrorist organization has reignited fears of a direct confrontation between Israel and Iran.
To this point, energy markets have been relatively sanguine in the face of months of spiraling violence in the Middle East. Analysts say that would change only if a broader war disrupts Iranian oil shipments through the Strait of Hormuz, a key chokepoint for crude tankers ferrying supplies to China and elsewhere.
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(END) Dow Jones Newswires
October 01, 2024 10:39 ET (14:39 GMT)
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