Brent crude for December delivery
has surpassed $73 a barrel, while West Texas Intermediate is trading above $69.
Nasrallah's death in a Beirut airstrike has dealt a significant blow to
Hezbollah and its Iranian patron. Israel has also carried out airstrikes in
Yemen in response to attacks launched by Iran-backed Houthi rebels.
Despite rising tensions in the Middle East, crude oil prices have remained relatively lower this year. While the situation has not yet escalated into a full-scale conflict that could disrupt regional oil supplies, the potential for such an event is a looming threat. Meanwhile, global oil production remains abundant, with OPEC+ planning to ease production cuts. China's economic slowdown has dampened demand, although Beijing's recent stimulus efforts may help to mitigate this impact.