05:22 AM EDT, 10/24/2024 (MT Newswires) -- Crude oil prices surged early on Thursday and reversed previous losses following another escalation of the ongoing conflict in the Middle East, renewing concerns about supply.

Brent crude jumped 1.5% to US$76.09 per barrel while West Texas Intermediate crude rose 1.6% to US$71.90/b at last look after Israel and Hezbollah launched strikes yesterday and earlier on Thursday, Reuters reported.

Oil markets are trying to rebound from the recent selloff as concerns about demand and oversupply may have caused an overreaction, Reuters quoted independent market analyst Tina Teng as saying.

Market fluctuations can be expected in the run-up to the Nov. 5 election in the United States and the Federal Reserve's interest rate decision two days later, Reuters quoted Phillip Nova senior market analyst Priyanka Sachdeva as saying.