Arab Gulf Producers Are in Need of Much Higher Oil Prices

After a brief reversal on Monday, the oil price rally was back on track on Tuesday as tensions in the Middle East reached fever point. Brent crude for November delivery was up 1.4% to trade at $74.93 per barrel at 13.10 pm ET while WTI crude for October delivery rallied by a similar margin to change hands at $71.33 per barrel.  Last week, Israel launched an unprecedented pager and walkie-talkie attack on Hezbollah's communications that injured thousands of the organization's militia and operatives. The assault was quickly followed by the assassination…