Oil prices rise as Middle East conflict intensifies
Crude futures jumped on Monday as direct military exchanges between the U.S. and Iran combined with an Israeli advance into Lebanon dimmed hopes for a ceasefire extension. Brent crude rose to $93.90 per barrel as market participants weighed supply risks against stalling economic data from China.
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Brent Crude Oil rose 3.05% to $93.9 a barrel after the United States and Iran exchanged military strikes. Tensions escalated as Israel ordered troops deeper into Lebanon following failed peace talks on Friday. Renewed conflict threatens the Strait of Hormuz, a conduit for about a fifth of global oil and gas flows.
