Oil is bid over $73, as Hezbollah probes Israel's missile defense shields with a larger than usual drone attack. Will Israel preemptively launch a massive attack on Lebanon? And will Iran, then attack Israel? (update 2)

(Chart 1)

(Chart 2)

The oil price is now bid over $80 at Two month highs, as the slowdown of China has been trumped (excuse the pun) by the serious escalation in the Middle East with an imminent attack, for the 2nd time in 2024, on Israel by Iran, in retaliation for an Israeli drone/bomb attack of Ismail Haniyeh on July 30th in Tehran, Iran.   The U.S has sent Four aircraft carriers and a missile capable submarine to the region, which is akin to an offensive force, rather than defensive.  Despite Israel's need to protect its airspace, the markets will be watching carefully if this may move into a full scale war between Iran and its proxies against Israel; and Israel may directly strike Iran and Lebanon, to which America will be part of the counter offensive. 

Oil is currently trading 78.50 and 78 trading ranges, looking to pierce through its trading ranges/price resistance of 81 and 80

Please refer to Chart 1 and 2.

The other lurking geopolitical issue there is Ukraine's invasion of Kursk Oblast region within Russia.