Oil rises for third straight session amid Middle East tensions, US crude stocks drop

Oil prices rose for a third straight session on Tuesday as market concerns over supply risks from escalating tensions in the Middle East and a sharp drop in US crude stocks weighed, recovering from multi-month lows touched this week.

Brent crude futures were up 6 cents, or 0.1%, at $78.39 a barrel by 0540 GMT, while US West Texas Intermediate crude was up 16 cents, or 0.2%, at $75.39, according to Reuters.

Both crudes recovered from their lowest levels this year earlier in the week on fears of a US recession and a sell-off in global stocks.