(Bloomberg) -- Oil edged higher after Israel launched airstrikes on Lebanon that killed nearly 500 people and raised fears of a full-blown war in the Middle East.

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West Texas Intermediate rose toward $71 a barrel after falling by almost 1% on Monday, with Brent closing below $74. Israel attacked targets across southern Lebanon early on Tuesday, in the deadliest day of strikes since its 2006 war with Hezbollah. Iran had said on Monday it was prepared to de-escalate tensions.

China, meanwhile, is set to hold a rare briefing on its economy by the country’s top three financial regulators, fueling speculation that Beijing could be planning major stimulus. Concerns about the economic recovery in the biggest oil importer have weighed on crude, which is set for a second quarterly decline.

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