Oil prices rebounded on Wednesday from seven-week lows, driven by heightened Middle East tensions following the assassination of a Hamas leader in Iran. Brent crude futures rose $1.80 to $80.43 a barrel, and the more active October contract increased by $1.85 to $79.92.
US West Texas Intermediate crude futures climbed $2 to $76.73 a barrel. A 0.4 percent drop in the US dollar index also supported oil prices. The previous day, both Brent and WTI had dropped by about 1.4 percent. The escalation in the Middle East included Israel’s claim of killing a top Hezbollah commander and a US strike in Iraq. Analyst Gaurav Sharma noted that unless oil infrastructure is targeted, the price spike might be temporary.
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