• Oil held a modest advance as the market weighed geopolitical risks in the Middle East against hawkish comments from the Federal Reserve.
• West Texas Intermediate traded below $73 a barrel after rising 0.7% on Monday in a session that also saw it rebound from a three-week low, with Brent closing near $78. The US vowed more strikes against Iranian forces and regional proxies, and Israeli Prime Minister Benjamin Netanyahu said absolute victory over Hamas was essential for his country’s security.
• Financial markets continued to discount the chance of a Fed rate cut in March following comments from officials including Chair Jerome Powell, which spurred gains in the dollar. The US currency is near the highest since mid-November, making commodities less attractive for many buyers.