Oil Steadies Amid Middle East Tensions and US Election Concerns.

Beirut: Oil steadied after jumping almost 3% on Monday due to heightened tensions in the Middle East and OPEC+'s decision to extend supply curbs, with investors now turning their attention to the upcoming US presidential election. Brent crude traded above $75 a barrel after experiencing the largest increase in more than three weeks in the previous session, while West Texas Intermediate hovered near $72. Traders are particularly nervous following Iran's supreme leader's warning over the weekend of a 'crushing response' to the country's enemies, intensifying his rhetoric after a recent attack by Israel and raising concerns over potential supply disruptions. According to National News Agency - Lebanon, the international benchmark has lost about 13% since June's end, primarily due to disappointing Chinese demand and increased supply from the Americas, especially the US. This prompted the OPEC+ alliance to delay its plan to restore production. The market remains anxious as the US presidential election approaches, with the race still tightly contested after months of intense campaigning. Warren Patterson, head of commodities strategy at ING Groep NV, noted that OPEC+'s actions 'suggest that the group is more willing to support the market than many had expected.' He added that 'lingering tension in the Middle East and Gulf of Mexico storms provide some upside risk, while oil is also vulnerable to getting caught up in any broader market moves related to the US election.' Polls indicate that the contest between Donald Trump and Kamala Harris remains close. In response to a potential Trump victory, South Korea is considering increasing energy imports from the US to reduce its trade surplus with America, according to sources familiar with the matter. Meanwhile, Tropical Storm Rafael has posed a threat, leading to possible evacuations from US offshore oil and natural gas platforms in the Gulf of Mexico. Shell Plc announced plans to evacuate some non-essential personnel from the area.