Oil Prices Continue to Climb as Fears of a Major War in the Middle East Mount

Worry about oil supply disruption in the Middle East pushed Brent crude and West Texas Intermediate higher earlier today in Asian trade, as Israel continues to pound Lebanon after the killing of the Hezbollah leadership last week. It also struck targets in Yemen, signaling it was willing to expand the conflict. “The recent escalation of attacks in the Middle East is increasing the likelihood of Iran being directly dragged into the conflict, putting a significant risk around supply disruptions at the OPEC producer,” ANZ analysts said,...