Oil Prices Surge Over 2% Amid Escalating Israel-Lebanon Tensions
Oil prices rise more than 2% as Israel moves further into Lebanon
Channel Newsasia
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Oil prices increased by over 2% as Israel escalated military actions in Lebanon against Hezbollah, despite a prior ceasefire. U.S. crude futures hit $89.73 per barrel, while Brent reached $93.19 per barrel, following a previous decline due to ceasefire expectations.
- 01Oil prices rose by more than 2% due to Israel's military actions in Lebanon.
- 02U.S. crude futures increased by $2.37 to $89.73 per barrel.
- 03Brent crude futures rose by $2.07 to $93.19 per barrel.
- 04The rise follows a decline of 1.8% for Brent and 1.7% for WTI on Friday.
- 05The situation escalated despite a ceasefire that had been in place for over six weeks.
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Oil prices experienced a significant rise of more than 2% in early trading on June 1, 2023, following Israel's decision to advance its military operations into Lebanon against the Iranian-backed Hezbollah militant group. This escalation comes despite a ceasefire that had been in effect for over six weeks. As of 1017 GMT, U.S. crude futures increased by $2.37, or 2.71%, reaching $89.73 per barrel, while Brent crude futures rose by $2.07, or 2.27%, to $93.19 per barrel. This price increase follows a decline on Friday, when both Brent and West Texas Intermediate (WTI) crude prices fell due to expectations of a ceasefire agreement between the U.S. and Iran.
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The rise in oil prices may lead to increased fuel costs for consumers and businesses globally.
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