New York - Saba:
Oil prices rose more than 2% on Tuesday, as tensions between Iran and Israel escalated.
Brent crude futures rose $1.17, or 1.6%, to $74.4 a barrel by 00:05 GMT, while US West Texas Intermediate crude rose $1.34, or 1.87%, to $73.11 a barrel, after both contracts had risen more than 2% during the session.
The contracts closed down more than 1% on Monday.
Separately, OPEC and its allies, including Russia (OPEC+), which produces about half of the world's oil, said on Monday that they expect the global economy to remain strong during the second half of the year and lowered their forecast for oil supply growth from the United States and non-OPEC+ countries for 2026.
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