Oil Hits October Highs as Mexico Cuts Exports, War Risks Rise
- Pemex to halt some crude exports over the next few months
- Geopolitical tensions escalate after Israeli airstrike
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Oil rose on the prospect of tightening crude supplies in the Americas while an Israeli attack in Syria threatened to widen the conflict in the Middle East.
West Texas Intermediate gained 0.6% to settle at $83.71, its highest closing price since Oct. 27. In Mexico, state-controlled oil company Pemex plans to halt some crude exports over the next few months, a move that would cut flows to the global market.