Despite the war in Lebanon, U.S. crude oil trades below $68 per barrel.

• In a major escalation of the war in the Middle East, Israel has sent ground troops into southern Lebanon.
• Despite the prospect of OPEC+ producing more oil starting in December, traders continue to focus on weak demand in China.
• According to Bob McNally, president of Rapidan Energy, Brent prices could potentially reach $60 per barrel or lower by 2025.

On Tuesday, U.S. crude oil prices decreased as the possibility of increased supply from OPEC+ outweighed the intensification of conflict in the Middle East.

After days of airstrikes, Israel sent ground troops into southern Lebanon, leaving much of Hezbollah's leadership destroyed.

"Currently, there are two ongoing conflicts, and despite the escalation of tensions in the Middle East, oil has not been significantly impacted by either conflict."

Weak demand in China and the possibility of OPEC+ increasing oil production in December remain the main concerns for traders, according to Croft.

Here are Tuesday's energy prices at 8:43 am ET:

• The November contract price for crude oil is $67.33 per barrel, which represents a decrease of 85 cents or 1.25%. To date in the year, the price of U.S. crude oil has decreased by 6%.
• The January contract price for oil is $70.58 per barrel, which is a decrease of 88 cents or 0.88%. To date, the global benchmark has fallen more than 8% in the year.
• The price of gasoline in November is $1.8973 per gallon, which is a 0.03% decrease compared to the previous month. Year-to-date, gasoline prices have decreased by nearly 10%.
• The November contract price for gas is $2.870 per thousand cubic feet, which represents a 1.81% decrease. Meanwhile, gas has experienced a 14% increase in value year to date.

Saudi Arabia may consider increasing oil production to put pressure on members like Iraq with lower oil prices, according to Bob McNally, president of Rapidan Energy. McNally stated that Saudi has been growing increasingly frustrated with Iraq producing more crude than their production targets.

"McNally stated on CNBC's "Street Signs" that there is a high chance that OPEC+ leaders will feel pressure from producers. He explained that a price drop occurs occasionally to remind members of their responsibility to manage collective supply."

McNally stated that Brent prices would likely fall below $60 per barrel by 2025.

McNally stated that our assumption is that they will increase, but there is a risk that we will have surpluses in the 60s next year, which would be accepted as a temporary solution to make Iraq comply.