Oil prices climb above $96 per barrel as ME tensions intensify
Why this matters: local context for readers following news across Pakistan and the region.
Global oil prices climbed sharply on Monday as rising tensions in the Middle East following Israeli attacks in Lebanon and Iran. Brent crude gained $3.20, or 3.39%, to reach $96.24 a barrel, while U.S. crude rose $2.87, or 3.17%, to $93.41 a barrel by 0333 GMT. Market sentiment was initially affected by Israel’s renewed strikes on Lebanon a day earlier. Prices received additional setback after reports of explosions in Tehran, Tabriz and Isfahan. Earlier, Iran launched missiles toward Israel in retaliation to Israeli strikes on southern Beirut. The Israeli military said missiles were fired from Iran and that its air defense systems were working to intercept the incoming projectiles. Warning sirens were activated in Haifa and other areas of northern Israel after missile launches were detected. Israeli authorities said the military remained on high alert amid concerns of further attacks. Israel Claims to Target Hezbollah Headquarters The exchange followed Israeli airstrikes in the southern suburbs of Beirut. Israeli officials said the operation targeted a Hezbollah headquarters in the Dahieh area after rockets were launched toward Israel from Lebanon. Lebanon’s state news agency reported that at least two people were killed and 11 others injured in the strikes. Iran Vows Retaliation Iranian officials had previously warned that any attack on the Lebanese capital would draw a response. Following the missile launches, Iran’s Islamic Revolutionary Guard Corps (IRGC) described the operation as a warning and said a broader response could follow if further attacks occur. The IRGC said ballistic missiles targeted Israel’s Ramat David Air Base and warned that continued military action against Lebanon could lead to more severe consequences. Iranian sources also warned that American military facilities in the region could become targets if Iran comes under attack. Trump Urges Restraint In response to the Iranian missile launches, US President Donald Trump urged restraint an