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Oil prices have picked up right where they left off yesterday, fueled by new concerns over tensions in the Middle East. Prices have moved up $1.42 on the day to $88.52 and hit an intraday high of $88.99 earlier in the session.Yesterday, traders pushed prices higher after the U.S. Energy Department's weekly inventory report showed an unexpected decline of 5.3 million barrels, but today's extra price gains are being attributed to new violence between Israel and Lebanon. Any Middle Eastern conflicts will result in price gains, and that is exactly what we are seeing today on news that Lebanese troops fired on Israeli warplanes.
While it is true that a conflict between Israel and Lebanon would not impact supplies from the region, there is always the fear that an escalation of violence between the two would draw in the big oil players in the region. This is the first encounter since last summer's conflict between Israel and Hezbollah rebels, which pushed oil prices to last summer's highs.
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