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

Oil prices rose after the killing of Hezbollah leader Hassan Nasrallah, heightening Middle East tensions. Brent crude surpassed $72 a barrel.

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.

A hole in the ground near the site of the assassination of Hezbollah leader Hassan Nasrallah in Beirut's southern suburbs. Following the assassination of Hezbollah leader Hassan Nasrallah, oil prices increased amid rising Middle East tensions. Brent crude rose above $72, while Israel targeted locations in Lebanon and Yemen. Iran's response has been measured, as President Pezeshkian avoided direct threats against Israel. (AP)

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.