Crude oil prices were higher in the early Asian session amid the escalating conflict in the Middle East over the weekend. Both benchmark oil prices reached a one-week high, with Brent futures rising by 0.66% to $79.54 per barrel and WTI futures climbing by 0.68% to $75.34 per barrel at 7am CEST. Potential escalation of the Middle East conflictOn Sunday, Israel said it conducted preemptive strikes over southern Lebanon to thwart an attack from the Lebanese Islamic group Hezbollah. Hezbollah said it still managed to launch hundreds of rockets and drones targeting Israel, a retaliation for the ki…