Key Points
HOUSTON (Reuters) -Brent and U.S. crude futures fell on Tuesday as fears of supply disruptions from the conflict between Israel and Iran eased after Iranian-backed Hezbollah signaled support for a ceasefire proposal put forth by Lebanons government...
The drop, which began slowly on fears of reduced Chinese demand, snowballed after Hezbollah signaled support for a ceasefire and Israel expanded its ground war in Lebanon instead of attacking Irans oil infrastructure...
Hezbollah left the door open on Tuesday to a negotiated ceasefire with Israel after Israeli forces raised the stakes in the conflict with its Iran-backed enemy by making new incursions in the south of Lebanon...
Although it would be irresponsible to claim that the dust has settled on Irans direct and ominous involvement in the conflict, for now the threats of Israeli assaults on Iranian oil infrastructure have not materialized, said PVM analyst Tamas Varga...
In the United States, Hurricane Milton intensified into a Category 5 storm on its way to Florida after forcing at least one oil and gas platform in the Gulf of Mexico to shut on Monday.. Traders also will be looking out for the latest U.S. crude oil inventory data, with analysts expecting stocks to rise by 1.9 million barrels in the week ended Oct. 4, according to a preliminary Reuters poll...
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