Oil prices saw a significant increase of over 2% on June 1, following Israel's intensified military actions against the Iranian-backed Hezbollah in Lebanon. U.S. crude futures rose by 2.71% to $89.73 per barrel, while Brent crude futures climbed 2.37% to $93.28 per barrel. This surge comes after a week where Brent crude experienced its largest decline in seven weeks, dropping about 11%. The ongoing conflict, which escalated after Hezbollah launched attacks on Israel in March, has raised concerns regarding the stability of oil supplies, particularly through the crucial Strait of Hormuz. Analysts suggest that even if a ceasefire is achieved, it could take months for shipping operations to return to normal, and any damaged infrastructure may require even longer to restore. Saudi Aramco's CEO indicated that disruptions could affect nearly 100 million barrels of oil supply weekly, with Morgan Stanley highlighting that the current oil market faces significant challenges if the Strait remains closed through June.