Oil prices rise 1% as Mideast attacks heighten supply concerns

Oil prices climbed by around 1% on Thursday, reversing some of previous session's losses, as Middle East tensions kept the market on edge ahead of the U.S. presidential election amid expectations of strong distillates demand in fourth quarter.

Brent crude futures rose 77 cents, or 1%, to $75.73 a barrel by 0655 GMT, while U.S. West Texas Intermediate crude futures climbed 82 cents, or 1.2%, to $71.59 as an exchange of heavy fire between Israel and Hezbollah heightened supply concerns.