Oil prices climbed by more than $2 per barrel on Monday after Israel launched new airstrikes on Lebanon on Sunday despite an existing ceasefire between the two countries, diminishing hopes for an end to the broader regional conflict and the resumption of crude oil flows through the Strait of Hormuz.
اضافة اعلان
U.S. West Texas Intermediate (WTI) crude futures rose by $2.10, or 2.32%, to $92.64 per barrel by 00:13 GMT. Meanwhile, Brent crude futures gained $2.33, or 2.5%, to $95.42 per barrel.
The gains erased most of the losses recorded on Friday, when oil prices fell amid growing optimism that tensions between the United States and Iran could ease. The conflict began with U.S. and Israeli strikes on Iran in February.
The latest attacks appeared to present another obstacle to a potential peace agreement between Washington and Tehran and to the reopening of the Strait of Hormuz, a critical route for global oil and gas shipments. Iran has made a ceasefire in Lebanon a condition for reaching a peace agreement with the United States.
Iran responded to strikes targeting its ally, Hezbollah, in Lebanon by launching missiles toward Israel.
U.S. President Donald Trump said he would ask Israeli Prime Minister Benjamin Netanyahu not to retaliate against Iran.
Israel launched a ground offensive in Lebanon in March after Hezbollah fired rockets and drones across the border.
On June 3, Lebanon and Israel announced that they had agreed to a ceasefire following negotiations held in Washington.
The two sides had previously agreed to halt hostilities in April, but violence continued despite the agreement.
The broader regional conflict has largely been paused since the United States and Israel halted their attacks on Iran in early April. However, Tehran continues to restrict most shipping traffic through the Strait of Hormuz.
Amid the resulting supply concerns, the OPEC+ alliance agreed on Sunday to increase oil production for the fourth time in four months.
However, analysts said the decision would have limited impact because many OPEC+ members have been unable to meet their production targets due to disruptions linked to the closure of the Strait of Hormuz or, in Russia’s case, attacks on infrastructure that have weakened production capacity.
Jorge Leon, Head of Geopolitical Analysis at Rystad Energy, said in a note: “In the current market, the physical impact of such a decision will be close to zero.”
Source: Reuters
