Oil prices jump 2% as Israel escalates Lebanon offensive, threatening ceasefire prospects
By
Lee Ying Shan
Toasted golden, schmeared with insight. Top of the rack.
Summary
Oil prices rose sharply on Monday after Israel ordered troops to push deeper into Lebanon, escalating hostilities with the Iran-backed Hezbollah group. Brent crude gained 2.45% to $93.35/barrel and WTI rose 2.8% to $89.78/barrel, as the renewed clashes raised concerns about threatening a fragile ceasefire between Washington and Tehran.
Key quotes
· 3 pulledOil prices rose Monday after Israel ordered troops to push deeper into Lebanon, renewing concerns that clashes with the Iran-backed Hezbollah group could threaten a fragile ceasefire between Washington and Tehran.
Brent crude futures, the international benchmark, gained 2.45% to $93.35 a barrel.
West Texas Intermediate futures added 2.8% to $89.78 per barrel.
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