Oil prices rose in trading today, Monday, fueled by escalating geopolitical tensions in the Middle East. This surge followed an exchange of strikes between the United States and Iran, where Iranian forces targeted a U.S. airbase. This was in response
to the U.S. military's announcement of shelling radar sites and drone control systems in southern Iran over the weekend. In a related context, developments in Lebanon added to the concerns, as Israel issued orders to its forces to intensify military
operations inside Lebanese territory against the Iran-backed Hezbollah group, despite a ceasefire having been declared more than six weeks ago. Market-wise, U.S. crude futures recorded an increase of $2.44, bringing the price per barrel to $89.80. Brent crude futures also
climbed by $2.23, reaching $93.35 per barrel.
