Oil prices rise amid fears of widening Middle East conflict

Oil prices rose on Tuesday amid concerns about the expansion of the conflict in the Middle East and the possibility of a tropical storm later this week affecting production in the United States, the world's largest crude producer. Brent crude futures for November rose 21 cents, or 0.3 %, to $74.11 a barrel, while US West Texas Intermediate crude futures for November rose 24 cents, or 0.3 %, to $70.61. Both crudes closed lower yesterday on concerns about demand. The US Gulf Coast is expected to face the risk of a hurricane by the end of the week. Source: National Iraqi News Agency