Oil Traders React to Growing Regional Instability in the Middle East
Oil prices rose more than 2% on Monday after fresh US strikes on Iran and an Israeli advance into southern Lebanon dimmed hopes for a quick ceasefire extension.
US crude climbed $2.29 to $89.65 a barrel, while Brent gained $2.05 to $93.17.
The US said it conducted “self‑defence strikes” on Iranian radar and drone sites over the weekend. Iran’s Revolutionary Guards responded by targeting a US‑used airbase. Meanwhile, Israel ordered troops deeper into Lebanon against Hezbollah.
Concerns are also growing over mines in the Strait of Hormuz, a key oil shipping lane. Even if a truce is reached, analysts warn that reopening the strait will take time, keeping supplies tight. Weak economic data from China did little to offset the supply fears.
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