Oil hits seven-week high on demand hopes, war jitters

Oil prices hit seven-week highs on Wednesday, buoyed by summer demand optimism and escalating geopolitical tensions despite an industry report showing an unexpected rise in U.S. crude inventories. Brent crude futures rose 20 cents to $85.53 a barrel, while U.S. West Texas Intermediate crude gained 3 cents to $81.60. Concerns over a potential “all-out war” between Israel and Hezbollah in Lebanon added to supply disruption risks in the key oil-producing region.