Oil prices slip in cautious trading ahead of Fed meeting even as Middle East tensions spike

Oil prices dipped after Israel sent ground forces into the Gaza Strip, opting for a cautious approach rather than a full-scale invasion.

Oil prices dipped even after Israel sent ground forces into the Gaza Strip, as investors closely monitor the U.S. Federal Reserve's monetary policy meeting later this week.

Oil prices dipped even after Israel sent ground forces into the Gaza Strip, raising tensions in the Middle East, as investors closely monitor the U.S. Federal Reserve's monetary policy meeting later this week."I think the market had priced in the incursion on Friday and tonight is more 'sell the fact,'" Bob McNally, president of Rapidan Energy Group, told CNBC via email. He said the ground operations were"limited so far" and noted other macroeconomic concerns.

While U.S. crude futures were up only 3.3% since Hamas' attack on Oct. 7, the potential for a broader conflict to evolve is keeping markets on edge, the bank continued.

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