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Oil prices have eased slightly while remaining close to record highs as fighting between Israel and Lebanese guerrillas continued for a sixth day.
In New York, the price of a barrel of light, sweet crude fell 53 cents to $76.46, having earlier touched $78.40.
The conflict in the Middle East has created more nervousness and uncertainty in an oil market already suffering jitters over global supply.
However, oil producers' body Opec has insisted the market is well supplied.
Brent crude dropped 64 cents to $76.94 in London, down from its recent peak of $78.18.
'On alert'
Israel attacked Beirut and other targets across Lebanon while Hezbollah militants struck the Israeli city of Haifa.
But oil prices - pushed to record highs by the conflict - slipped slightly amid some profit taking and growing calls for an international force to be sent to Lebanon.
The petroleum markets remain in a state of heightened alert
Tim Evans, Citigroup
Analysts have speculated that oil could soon move above $80 a barrel if there is no imminent end to hostilities or if the conflict spreads further.
Although neither Lebanon nor Israel are major oil producers, investors fear that the conflict could quickly destabilise the region, one of the world's most important oil centres.
"The petroleum markets remain in a state of heightened alert for any fresh developments across the broader Middle East," said Tim Evans, an energy analyst at investment bank Citigroup.
"The Iranians seem to think that there is some potential for a cease-fire and prisoner exchange but it will be hard for both sides to hear that kind of proposal over the roar of missiles."
The situation in the Middle East has seen investors turning to gold as a safe-haven for their cash - pushing the spot price to a two-month high of $675 an ounce.
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