Oil prices rise as Middle East conflict increases supply risks

Oil prices bounced back from multi-month lows on Wednesday on concerns that an escalating conflict in the Middle East could hurt oil production, even as worries about weak crude demand persisted.

Brent crude futures were up $1.10, or 1.4 per cent, to $77.58 a barrel at 1055 GMT. US West Texas Intermediate crude was up $1.05, also 1.4 per cent, to $74.25.

On Monday, Brent futures slumped to their lowest since early January and WTI futures touched their lowest since February...