Brent for December settlement climbed 0.3% to $87.93 a barrel.
Oil held the bulk of Monday’s surge as the Israel-Hamas war remained contained and Saudi Arabia pledged to help ensure market stability.
The oil market has been transfixed by events in Israel and Gaza since Hamas’ surprise assault on Saturday in case the conflict spreads, endangering crude flows. The war adds another complicated dimension to global crude trading after prices surged in the third quarter as OPEC+ choked off supplies to tighten the market, then gave up some gains as demand concerns flared up.
Any proof that Iran, a supporter of Hamas, was directly involved in the attack could threaten oil flows. The main risks are stricter enforcement of US sanctions on the country’s crude exports, or blockades by Tehran of key shipping lanes, possibly with attacks on vessels. Iran has denied involvement and the White House has no confirmation the nation directed the assault.
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