Middle East Tensions Lift Oil More Than 1%

Oil prices gained more than 1% to hit their highest levels in two sessions at the start of Monday’s trade as Middle East tensions remained elevated, supporting prices.
The Pentagon has ordered additional troops to be deployed in the Persian Gulf region to strengthen Saudi Arabia’s air and missile defenses following an attack on Saudi oil facilities, CNBC reported.
US Secretary of State Mike Pompeo said Sunday that the troops are for “deterrence and defense” and Washington aims to avoid war with Iran.
Brent crude futures touched an intra-day high of $65.50 a barrel, but eased to $64.97, up 69 cents.
US West Texas Intermediate crude futures were at $58.78 a barrel, up 69 cents, after earlier hitting a high of $59.39.
In the United States, the impact of tropical storm Imelda on refineries in Texas has eased as Exxon Mobil and Valero restarted crude processing units over the weekend.