Oil prices surged following Israel's strikes on Lebanon — Reuters
Global oil prices surged during Monday's trading due to the resumption of hostilities in the Middle East.
The price hike was triggered by Israel’s latest airstrikes on Lebanese territory, as well as a series of powerful explosions that occurred directly in Iran.
These events instantly dashed investors’ optimism regarding a possible de-escalation and sparked fresh concerns in global energy markets.
According to market analysts, futures for Brent crude rose by $3.20, or 3.39%, reaching $96.24 per barrel.
Meanwhile, the price of U.S. WTI crude rose by $2.87, or 3.17%, to settle at $93.41 per barrel.
The current surge fully offset Friday’s price drop, which occurred amid hopes for a resolution to the conflict between the U.S. and Iran—a conflict that has driven up oil prices by more than 50% since March.
Local Iranian media reported that the sounds of new explosions were clearly heard in Tehran, Tabriz, and Isfahan.
This incident dashed traders’ hopes for a swift end to the war and a full restoration of safe transit through the strategically important Strait of Hormuz.
Despite the fact that Tehran had launched another barrage of missiles at Israeli targets the day before, U.S. President Donald Trump continues to insist on the possibility of signing a peace agreement.
The American leader also called on Israeli Prime Minister Benjamin Netanyahu to refrain from actions that could lead to further escalation.
“This will have no impact on the agreement. I make the decisions. I make all the decisions. He doesn’t make decisions,” Donald Trump told Financial Times reporters.
Meanwhile, official Iran continues to cite a ceasefire in Lebanon as the main condition for concluding any agreements with Washington.
This was reported by Reuters.
Oil prices fell amid the ceasefire between Lebanon and Israel — Reuters
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