Oil Recovers From Selloff Amid Escalating Middle East Tensions
- Israeli tanks reach center of Rafah in latest Gaza operation
- WTI rises above $79 a barrel after sinking to three-month lows
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Oil rebounded from last week’s selloff as tensions flared in the Middle East, with a vessel attacked in the Red Sea and Israeli tanks reaching the center of Rafah.
West Texas Intermediate rose 2.7% to settle above $79 a barrel. The gains followed a drop to three-month lows last week brought futures to oversold territory. The attack on a Greek-managed bulk carrier in the Red Sea and Israel’s advance into the southern Gaza city revived the geopolitical risk premium that had gone missing last week, when signs of ample supplies also weighed on crude.