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Oil prices to remain elevated as Middle East tensions threaten a wider conflict, CBA analyst warns
Tensions in the Middle East and the risk of a wider conflict will keep oil prices elevated, said Vivek Dhar, mining and energy commodities strategist at the Commonwealth Bank of Australia.
Oil prices rose on Monday after Israel’s Air Force struck targets in Lebanon with over 100 fighter jets before the Iran-backed group fired more than 320 rockets into Israel.
U.S. West Texas Intermediate crude was up 0.75% at $75.39 a barrel, while Brent crude rose 0.67% to $79.55.
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