Oil rises on fresh Middle East fears after attack on US baseWorking oil pumpjacks on the outskirts of Maricopa in Kern County, California, on September 21, 2023, where agriculture and oil are key to the region's economy. HONG KONG, China — Oil rose Monday on fresh Middle East fears as Joe Biden pledged to retaliate after blaming Iran-backed rebels for the killing of three US service members in a drone attack on a base in Jordan. Both main crude contracts rose more than one percent in early trade -- hitting levels not seen since November -- before paring the gains slightly. There was little immediate reaction from traders to news that a Hong Kong court had issued a winding-up order against Chinese developer Evergrande. The decision came amid worries that a huge debt crisis in China's property sector could spill over into the wider economy.
