Oil prices edged lower in early Asian trading hours on Tuesday as traders booked profits after prices rallied to their highest in over a month on Monday amid fears that the Middle East could be on the brink of a region-wide war.
Fighting in the Middle East intensified after Iran-backed Hezbollah fired rockets at Israel's third-largest city, Haifa, and Israel looked poised to expand its offensive into Lebanon, a year after the Hamas attack on Israel that sparked the Israel's ongoing war in Gaza.
Both contracts rose over 3 per cent on Monday to hit their highest levels since late-August, adding to last week's rally that saw them rise by over 8 per cent for the biggest weekly gains in over a year. However, some analysts believe that an attack on Iranian oil infrastructure is unlikely and have warned that oil prices could face considerable downward pressure if Israel focuses on any other target.
Meanwhile, Hurricane Milton intensified into a Category 5 storm on its way to Florida after forcing at least one oil and gas platform in the U.S. Gulf of Mexico to shut on Monday.
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