Brent crude futures rose 30 cents, or 0.4%, to $73.10 a barrel.
OPEC+ postponed a meeting to agree on additional production cuts until Dec. 5, in parallel with these developments.
Oil prices rose after Israel and the Lebanese group Hezbollah traded accusations of violating a ceasefire, and OPEC+ postponed a meeting to agree on additional production cuts, Reuters reported on Thursday, Nov. 28.
Brent crude futures rose 30 cents, or 0.4%, to $73.10 a barrel, while U.S. West Texas Intermediate crude futures rose 23 cents, or 0.3%, to $68.95.
The Israeli military said the ceasefire was violated after “suspects, some in vehicles, arrived in several areas in the southern zone.”
OPEC+, which includes oil-exporting countries and their allies including Russia, postponed a planned December 1 policy meeting to December 5.
The meeting is expected to again delay an increase in oil production to support prices. The OPEC+ group, which supplies about half of the world’s oil output, is continuing to cut output to stabilize prices.
As a reminder, the team of US President-elect Donald Trump plans to implement new projects in the field of liquefied natural gas and increase oil production in the US.