Oil prices rise as Israel strikes Lebanon, Iran fires missiles
Business
Oil prices shot up on Monday after Israel launched renewed strikes on Lebanon, sparking worries about regional stability and making U.S.-Iran peace deal even trickier.
Iran responded by firing missiles at Israel, adding to the tension and uncertainty.
Iran demands Lebanon ceasefire
US crude climbed 2.32% to $92.64 a barrel, while Brent crude rose 2.5% to $95.42 a barrel.
Iran is demanding a ceasefire in Lebanon as a condition for a peace deal with Washington, and the closure of the key Strait of Hormuz is disrupting global oil supply.
Even though OPEC+ announced another production boost, experts say it won't help much because ongoing conflict is damaging infrastructure and slowing shipments.