Strikes hit Hezbollah in Beirut’ Supreme leader to speak as Tehran mourns Nasrallah

Oil prices were little changed early today but remained on track for strong weekly gains, as investors weighed the prospect of a wider Middle East conflict disrupting crude flows against an amply supplied global market.

Brent crude futures ticked down 8 cents, or 0.1%, to $77.54 a barrel as of 12:15 a.m. ET. U.S. West Texas Intermediate crude futures were down 6 cents, or 0.08%, to $73.65 a barrel.

Both benchmarks were headed for weekly gains of about 8%.

President Joe Biden said yesterday that the U.S. was discussing strikes on Iran’s oil facilities as retaliation for Tehran’s missile attack on Israel. The comments contributed to a 5% rally in oil prices.