economy
Oil jumps 2% as Israel expands Lebanon offensive, rattling ceasefire hopes
Oil prices surged on Monday after Israel instructed troops to push deeper into Lebanon amid renewed clashes with the Iran-backed Hezbollah group.
TL;DR
- Oil prices rose due to Israel's order to deepen its troop maneuver in Lebanon.
- This escalation renewed concerns about the fragile ceasefire between Washington and Tehran.
- Brent crude futures increased by 2.43% to $93.33, and WTI futures rose by 2.76% to $89.77.
- The hostilities dimmed hopes for an extension of the U.S.-Iran ceasefire arrangement.
- Goldman Sachs indicated that oil price forecasts face both upside risks from supply disruptions and downside risks from weakening demand.