Oil rose from a seven-month low as tensions in the Middle East intensified ahead of an anticipated strike on Israel by Iran. Brent climbed above $77 a barrel after closing at its lowest since Jan. 10 on Friday, while West Texas Intermediate traded near $74. Israel is preparing for a possible attack from Iran and regional militias in retaliation for assassinations of Hezbollah and Hamas officials. Crude is now almost flat for this year, after gaining on OPEC+ supply cuts and concerns the conflict in the Middle East could impact production from the region. Production from Libya’s Sharara field was reduced by at least 50,000 barrels a day from Saturday night.

Source: Libya Today August 05, 2024 01:02 UTC