Oil Prices Rise Amid Escalating Tensions and Hormuz Risks

Oil prices rose as tensions between Lebanon and Israel intensified over the weekend, and attacks on vessels in the Strait of Hormuz continued to pose a threat to global supply. Brent crude for October settlement added 0.4% to $88.83 a barrel at 10:59 a.m. in Singapore, while West Texas Intermediate was near $82.

The fighting in Lebanon marked its deadliest day in months on Sunday, with Israel striking Tehran-backed Hezbollah, further muddying the outlook for a deal to end the US-Iran war.

Middle Eastern producers are pressing ahead with shipping large volumes of crude out of the Persian Gulf, with flows running higher than market estimates of 4 million barrels a day.