Hezbollah is under attack in Beirut. The Supreme Leader delivers a speech as Tehran mourns Nasrallah

Oil prices were little changed early this morning but remained on track for strong weekly gains as investors weighed the prospect of a major Middle East conflict that would disrupt crude flows against an abundant global market.

Brent crude futures fell 8 cents, or 0.1%, to $77.54 a barrel at 12:15 a.m. ET. U.S. West Texas Intermediate crude futures fell 6 cents, or 0.08%, to $73.65 a barrel.

Both benchmarks were heading for weekly gains of about 8%.

President Joe Biden said yesterday that the US is discussing attacks on Iranian oil facilities in retaliation for Tehran’s missile attack on Israel. The comments contributed to a 5% rise in oil prices.

Israel Defense Forces said the majority of the 20 rockets fired at Haifa from Lebanon this morning were intercepted, while the rest hit open areas. Sirens sounded around 7 a.m. local time (12 p.m. ET).

About 20 minutes later, sirens sounded in the Upper Galilee area, where the IDF said some of the rockets fired from Lebanon were intercepted and the rest fell in open areas.

The IDF said it also intercepted an “enemy aircraft” that entered Israeli territory from the east.