WASHINGTON (dpa-AFX) - Oil prices rose about 1 percent on Tuesday, extending gains from the previous session on the prospect of possible disruption to supplies of crude and on hopes of improved Chinese demand after the country's central bank reduced its benchmark lending rates.
Benchmark Brent crude futures jumped 0.9 percent to $74.98 a barrel in European trade after climbing nearly 2 percent on Monday. WTI crude futures were up 1 percent at $70.71.
U.S. Secretary of State Antony Blinken has arrived in Israel to revive Gaza ceasefire talks following the death of Hamas leader Yahya Sinwar, but any breakthrough looks elusive.
Israel is accelerating military operations to push Hezbollah away from its northern border while thrusting into Gaza's densely packed Jabalia refugee camp in an attempt to seal off northern Gaza from the rest of the enclave.
Given the low level of oil inventories, there could be a sustained geopolitical premium in crude price until the conflict is resolved in the short-term, according to a JP Morgan report.
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