Recent tensions in the Middle East are driving oil prices higher today.
Brent crude futures were up 0.24% at $70.565 ET (5:43 GMT), and WTI crude futures were up 0.26% at $68.33. On Wednesday, both Brent and WTI futures were still more than $2/barrel lower. According to analysts, the upward trend remains intact in the second half of the year. Brent crude oil is predicted to rise up to $80 per barrel.
On Thursday morning, Israeli missiles struck Lebanese territory. This was in response to two Lebanese rockets fired at Israel. Meanwhile, tensions between Israel and Iran are rising. Israel accused Iran of attacking the oil tanker and its crew; two crew members were killed in the attack. Iran denied any involvement in the attack.
With an eye on nuclear talks between the West and Tehran, the tensions come at a distinctly unfavorable time. It could stretch the already long-running talks even further. The talks are also about easing sanctions on Iranian oil exports.
The talks are also aimed at easing sanctions on Iranian oil exports.
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