Oil rises ahead of key central bank meetings amid heightened Mideast tensions

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Watch on - Oil prices rose in early Asian trade on Tuesday ahead of global central bank meetings and as tensions in the Middle East remained high.

Oil fell more than 3% on Monday as Israel's attacks on Gaza escalated although fears eased that the Israel-Hamas war would disrupt supply from the region. Traders were also keeping a close eye on global monetary policy, with rate-setting meetings of major central banks scheduled for this week. Speculation grew on Monday that the BOJ would act after Nikkei, citing sources close to the matter, reported that policymakers may further tweak YCC to allow the 10-year Japanese government bond yield to rise above 1%.

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