Oil Prices Set to Extend Gains as Geopolitical Tensions Rise

Crude oil prices looked primed to extend a two-week rally this week amid deepening tensions between Israel and its neighbors, notably Lebanon. Fears of a widening Middle Eastern war turned oil traders bullish, with Brent crude moving closer to $87 per barrel earlier today and West Texas Intermediate inching above $82 per barrel. The price climb is happening despite presumably lukewarm demand for oil in the United States, as estimated by the Energy Information Administration earlier this week. The EIA’s latest inventory report…