Oil prices rise more than 2% as Israel steps up incursion into Lebanon
Key takeaways
- U.S. crude futures rose $2.37 or 2.71% to $89.73 a barrel as of 0028 GMT.
- The stepped-up fighting, coming just after the U.S. hosted Israeli-Lebanon peace talks in Washington on Friday, dimmed expectations that the U.S.
- The Israel-Lebanon conflict has been the broadest spillover of the Iran war.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize BEIJING: Oil prices rose more than 2% in early trading on Monday after Israel ordered troops to move further into Lebanon in the battle with Hezbollah, despite a ceasefire announced more than six weeks ago.
U.S. crude futures rose $2.37 or 2.71% to $89.73 a barrel as of 0028 GMT. Brent futures rose $2.16 or 2.37% to $93.28 a barrel.
The stepped-up fighting, coming just after the U.S. hosted Israeli-Lebanon peace talks in Washington on Friday, dimmed expectations that the U.S. and Iran could soon announce an extension to their ceasefire agreement, which had driven Brent and WTI to settle down 1.8% and 1.7%, respectively, on Friday.