Oil prices rose about 1% in volatile trade on Tuesday, bouncing off multi-month lows hit in the previous session, as investor attention turned to supply tightness and financial markets recovered from their recent slump.
Brent crude futures were up 58 cents, or 0.8%, to $76.88 a barrel at 11.38 a.m. ET (1538 GMT). U.S. West Texas Intermediate futures were up 68 cents, or 0.9%, to $73.62 per barrel.
Iran’s vow of retaliation against Israel and the U.S. following the killing of two militant leaders has raised concerns that a wider war is brewing in the Middle East, which could have a direct impact on supplies from the region.
