Oil on the rise

Oil is rising from a seven-month low. Oil rose as stocks rebounded and the halt in production at Libya’s biggest field refocused attention on the Middle East. Brent climbed toward $78 a barrel after falling more than 5% in the previous three sessions, and U.S. crude rose above $74 on Monday as Japanese stocks and U.S. stock futures rose after a global slump. Production at Libya’s Sharara field has completely stopped and two regimes are struggling to seize control of the North African nation. Tehran has reiterated that it wants to avoid full-scale war, although investors are still prepared for a retaliatory attack on Israel by Iran and regional militias over the assassinations of Hezbollah and Hamas officials. Investors will look to an industry report later on Tuesday to gauge U.S. crude stocks after five straight weeks of declines, the longest since early 2022. Official data is due on Wednesday.