Commodities

Oil Rises After Israel Says It Hit Hezbollah’s Main Headquarters

West Texas Intermediate and Brent post weekly declines
Price swings have pushed WTI volatility gauge higher

WATCH: Oil is on course for a substantial weekly decline. Macquarie’s Marcus Garvey assesses the supply-demand dynamics.Source: Bloomberg

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By Antonia Mufarech and Alex Longley

September 26, 2024 at 11:25 PM UTC

Updated on

September 27, 2024 at 7:12 PM UTC

This article is for subscribers only.

Oil jumped after Israel said its military struck Hezbollah’s main headquarters in southern Beirut, ramping up tensions in the Middle East.

West Texas Intermediate advanced almost 1% to settle above $68 a barrel while Brent crude climbed to settle near $72 a barrel. Both grades still posted weekly declines amid the prospect of rising supplies from Saudi Arabia and Libya.