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Oil prices rose on Monday as investors worried about supplies amid rising tensions in the Middle East and some production shutdowns due to weather disturbances in the Gulf of Mexico.
Brent crude futures for November delivery rose 51 cents, or 0.6 percent, to $75 a barrel.
U.S. West Texas Intermediate crude futures for November delivery rose 65 cents, or 0.9 percent, to $71.65.
Israel launched air strikes on Monday on hundreds of Hezbollah targets in Lebanon, killing at least 274 people, according to the Lebanese Health Ministry, marking the bloodiest day in nearly a year of fighting.
Tropical disturbances near the Gulf of Mexico also pose a threat to oil supplies. Shell said Sunday it would halt production at its Stones and Appomattox facilities in the region as a precaution.
Both benchmarks rose more than 4 percent last week, supported by the Federal Reserve’s decision to cut interest rates by 50 basis points and its hint of further cuts by the end of the year.
The rise in prices was limited after a survey on Monday showed a sharp contraction in business activity in the euro zone this month, with the services sector stabilising and the slowdown in manufacturing accelerating.
U.S. business activity was steady in September, but average prices for goods and services rose at the fastest pace in six months, suggesting inflation could pick up in the coming months.
Meanwhile, China, the world’s largest oil importer, is struggling with pressure to slow further despite a series of measures to stimulate domestic spending.
