Oil Prices Are Rising Today: What You Need To Know

Oil prices pushed higher Friday amid supply uncertainty due to escalating tensions in the Middle East. The Israeli military’s recent airstrike on Hezbollah headquarters in Beirut Lebanon, coupled with a firm warning issued by Israeli Prime Minister Benjamin Netanyahu at the United Nations, has contributed to concerns over supply disruptions in the region.

What To Know: Netanyahu, in his UN speech, defended Israel’s ongoing military actions in Lebanon and Gaza, rejecting international calls for a ceasefire. The Israeli Prime Minister also criticized the UN, labeling it as biased, while emphasizing his country's right to defend itself against Hezbollah, which he called “the quintessential terror organization.”

Since Monday, Israeli airstrikes in Lebanon have reportedly killed over 700 people, according to Lebanon's Health Ministry, while Hezbollah has continued its rocket fire into Israel, intensifying the conflict.

BNO Price Action: United States Brent Oil Fund was up by 1.28% at $28 at the time of writing, according to Benzinga Pro.

See Also:

• Why Is Rocket Lab Stock Up Today?

Photo by solarseven on Shutterstock.