Oil prices rise as Hezbollah leader’s death stokes tensions in Middle East, Iran’s response awaited

Oil edged higher after the killing of Hezbollah’s leader, Hassan Nasrallah, stoked tensions in the Middle East, with traders waiting to see how Iran would respond.

Brent crude rose above $72 a barrel, while West Texas Intermediate was little changed. Israel killed Nasrallah in an air strike on Lebanon’s capital Beirut, dealing a major blow to the group and its sponsor Tehran. In addition, Israeli fighter jets bombed targets in Yemen following attacks this month on central Israel by Iran-backed Houthi rebels.

Iran, for now, appears to be in no rush to escalate the conflict. President Masoud Pezeshkian stopped short of pledging a direct and immediate attack on Israel and, in his international debut at the United Nations, struck a relatively restrained note.