Oil prices rose Monday after renewed military activity between Israel and Iran in the Middle East threatened to disrupt diplomatic efforts to end the conflict.
The price increase occurred despite Iran’s military having stopped strikes against Israel, the Ministry of Foreign Affairs told reporters Monday, but Tehran warned it would resume hostilities if the IDF continues operations in Lebanon.
Futures on Brent crude increased about 1.8%, trading above $94.50 per barrel on Monday, while US benchmark WTI crude remained steady with a 1.5% gain, just under $92 per barrel.
Israel conducted a series of strikes in Beirut, Lebanon, over the weekend, claiming it intercepted multiple missiles from Iran, the first direct exchange of fire between the two countries since the US-led ceasefire signed on April 8.
President Trump posted on Truth Social: “Both sides, Israel and Iran, are looking to do an immediate CEASEFIRE! Final negotiations on “Peace” are proceeding, subject to ignorance or stupidity getting in its way. The Blockade will remain in place, and in full force and effect, until a “Final Deal” is reached. Things should move quickly. Thank you for your attention to this matter! President DONALD J. TRUMP”
Iranian leaders have repeatedly stated that any ceasefire agreement must include the Israeli campaign in Lebanon and Hezbollah, while Israel has argued that the conflict is separate from the war in Iran.
By CEO NA Editorial Staff
