Crude oil futures in the United States WTI rose slightly on Tuesday. The market is considering the possibility of a US economic recession and the risk of a significant escalation in the Middle East crisis.
The WTI futures price for delivery in September on the New York Mercantile Exchange rose by 26 cents, or 0.36%, to close at $73.20 a barrel.
On Monday, the US WTO crude oil futures price hit a six-month low, as stocks were sold off amid concerns about a possible US economic downturn. Both the Standard & Poor's 500 Index and the Dow Jones Industrial Average posted their biggest single-day declines in two years.
The escalating tension in the Middle East seems to be lending support to oil prices. Following the assassination of Hamas leader Ismail Haniyeh in Tehran last week, Israel is preparing for retaliatory strikes by Iran.