Oil Prices Rise as Israel Expands Lebanon Offensive and U.S. Strikes Iran
Danish Shipyard Remains Key Lifeline for Russia’s Yamal LNG Fleet Josh Owens is the Content Director at Oilprice.com and a veteran energy journalist with over a decade of experience covering global energy markets and geopolitics.… Oil prices climbed in early Asian trading on Monday as Israeli troops moved further into Lebanon over the weekend and the U.S.
hit targets in Iran, adding fuel to fears that the broader Middle East conflict is moving toward escalation rather than a peace deal.
At the time of writing,West Texas Intermediatecrude was up 3.27% at $90.22 per barrel, whileBrent crudehad risen 3.36% to trade at $94.18 per barrel.
Central Command,whichdescribed them as "self-defense strikes on Iranian radar and command and control sites for drones".
This operation was reportedly carried out after Iran had shot down a U.S.
MQ-1 drone, which CentCom says was operating over international waters.
In Lebanon, the latest escalation came after Israeli troops crossed the Litani River, having declared all areas south of the Zahrani River a combat zone.
Israel thencapturedBeaufort Castle in southern Lebanon, a strategically important hilltop fortress, before Prime Minister Netanyahu ordered the Israeli military to deepen and expand operations against Hezbollah.
U.S.-hosted talks between Israeli and Lebanese officials in Washington on Friday were described as “productive” by U.S.
officials but now appear to hang in the balance.
Iranian officials have made it clear that Lebanon will be central to any long-term peace deal with the U.S., which is why escalation there adds to upside risk for oil markets that have seen supply strangled since the closure of the Strait of Hormuz by Iran.
On Friday, President Trump said his administration would soon make a “final determination” on whether to extend the existing ceasefire framework with Iran, but didn’t give any timeline for that decision.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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