WASHINGTON (dpa-AFX) - Oil prices jumped more than 2 percent on Tuesday after Israel launched its biggest aerial offensive against Iran-backed Shite militant group Hezbollah.
Last week's big interest-rate cut by the U.S. Federal Reserve, China stimulus optimism and concerns over the potential impact of a tropical storm on output in the U.S., the world's largest crude producer, also boosted prices.
Benchmark Brent crude futures climbed 2.3 percent to $74.91 in European trade while WTI crude futures were up 2.6 percent at $72.17.
Israel's military said today it struck dozens of Hezbollah targets in southern Lebanon overnight, a day after launching a wave of airstrikes against the Iran-backed group's sites in Lebanon's deadliest day in decades.
Hezbollah said it had attacked several Israeli military targets, including an explosives factory 60 km (37 miles) into Israel, with the Fadi series of rockets.
Earlier today, China's central bank unveiled its biggest stimulus since the pandemic to support the economy and counter a prolonged downturn in the property sector.
The central bank said it will lower borrowing costs and inject more liquidity into the system that would free up more money for lending.
Regulators also unveiled plans to support stable development of the stock market.
Meanwhile, the U.S. National Hurricane Center said a potential Tropical Cyclone in the Caribbean was expected to rapidly intensify over the gulf's warm waters and could become a major hurricane with winds of up to 115 miles per hour (185 kph) by Thursday.
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