London – Oil prices rose more than 2 percent during trading on Monday, driven by escalating military tensions between the United States and Iran and intensified clashes in Lebanon. These developments have raised concerns about potential disruptions to global energy supplies.
U.S. West Texas Intermediate crude futures climbed by $2.29, or 2.62 percent, reaching $89.65 per barrel. Brent crude futures rose by about $2.05, or 2.25 percent, to $93.17 per barrel, according to data from Reuters.
The gains come after recent exchanges of strikes between the United States and Iran and as Israel ordered its forces to advance deeper into Lebanese territory in ongoing confrontations with Hezbollah. This has heightened fears in the markets about regional stability and the impact of security developments on oil flows.
Hopes for a near-term extension of the ceasefire agreement between Washington and Tehran have faded, further increasing uncertainty among traders and pushing prices higher.
Oil prices ended last Friday’s session lower. Brent crude fell 1.8 percent, while West Texas Intermediate dropped 1.7 percent, amid expectations at that time of progress in U.S.-Iranian negotiations.