Brent crude futures increased $1.84, or 2.6 percent, to $73.54 per barrel by 1414 GMT.
US West Texas Intermediate crude futures rose $1.88, or 2.8 percent, to $70.05 per barrel.
A senior White House official said that the United States has indications that Iran is preparing to launch a ballistic missile attack on Israel soon.
Before this statement, it was Oil prices It is near its lowest level in two weeks after expectations of increased supplies and global demand growth, which is currently witnessing some sluggishness, outweighed fears of the escalation of the conflict in the Middle East and its impact on crude exports from the region.
A ministerial committee affiliated with the OPEC+ producers group will meet tomorrow, Wednesday, to review market conditions, and there are no expected changes to production policies.
OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, production starting from December is 180 thousand barrels per day every month.
The prospects for a recovery in Libyan oil production also affected the market. Yesterday, Monday, the Libyan House of Representatives, located in the east of the country, approved the appointment of a new governor for the Central Bank of Libya as part of efforts to end the crisis that led to a decline in the country’s oil production.
Giovanni Stanovo, an analyst at UBS, told Reuters that the imminent resumption of Libyan production has a negative impact on oil prices, while there were positive factors, including Chinese stimulus measures, growth in demand for oil, and a slowdown in the growth of crude supplies in the United States.
Data showed that manufacturing activity in China, the world’s second largest economy, contracted for the fifth month in September
Israel began a ground incursion into Lebanon today, and its army said its forces began raids against Hezbollah targets in the border area.
The attacks come in the wake of Israel’s assassination of Hezbollah Secretary-General Hassan Nasrallah on Friday, and represent an escalation of a conflict that threatens the intervention of the United States and Iran.
