Oil edges higher ahead of Biden Middle East trip

Oil prices edged higher on Tuesday ahead of a trip by US President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Following a drop of more than a dollar on Monday, Brent futures rose $0.74 to $90.39 a barrel at 10:40 a.m (1440 GMT). US West Texas Intermediate (WTI) crude rose $0.69 to $87.35. Fears the Middle East conflict could widen drove big gains in both oil benchmarks last week. Global benchmark Brent gained 7.5 per cent in its largest weekly gain since February. Biden’s visit to Israel on Wednesday will seek to balance showing support for Israel’s war on Hamas and trying to rally Arab states to help prevent a regional conflict, after Opec-member Iran pledged “pre-emptive action” from the “resistance front” of its allies that include the Hezbollah movement in Lebanon.