Singapore July 31 2024: Oil futures rebounded more than $1 a barrel from 7-week lows on Wednesday after the killing of Hamas leader Ismail Haniyeh in Iran ratcheted up tensions in the Middle East, but prices stayed under pressure from concerns about weak China demand.
Brent crude futures climbed $1.17, or 1.5%, to $79.80 a barrel by 0346 GMT ahead of expiry on Wednesday, while the more active October contract was at $79.18, up $1.11.
U.S. West Texas Intermediate crude futures rose $1.15, or 1.5%, to $75.88 a barrel. Both Brent and WTI fell about 1.4% on Tuesday, closing at their lowest levels in seven weeks.
Tension in the Middle East heated up following reports that Hamas chief Ismail Haniyeh has been assassinated in Iran, according to a statement from the Palestinian militant group Hamas and Iranian state media report on Wednesday.
