(Bloomberg) — Oil was steady after a second weekly gain, with the focus on an escalation in the conflict between Israel and Hezbollah.
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Brent traded above $74 a barrel after rising 4% in its biggest weekly advance since April, while West Texas Intermediate traded near $71. Hezbollah launched about 115 rockets, missiles and drones toward northern Israel on Sunday, leading to counterattacks against the Iranian-backed group in Lebanon.
The escalation — and fears it would drag in OPEC producer Iran — has led to the return of a risk premium in oil and helped Brent rise more than 8% from the lowest since 2021 earlier this month. However, that’s been kept in check by concerns over a worsening fuel demand outlook that have made hedge funds the most most bearish on diesel on record.
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