Oil futures retreat from multimonth highs on supply-route risk
Oil futures pared gains after rising to four-month highs as traders priced in higher risk that Middle East conflict could last longer.
Oil futures gave back some gains after climbing to four-month highs on continued risks to supply routes out of the Middle East. "We're seeing the markets pricing in the higher risk associated with beliefs that the conflict could continue longer," says Angie Gildea, global head of oil and gas at KPMG.