Oil prices rise as Israeli forces invade deeper into Lebanon
The price of oil has risen in world trading markets as the Israeli regime forces move deeper into southern Lebanon in violation of a ceasefire that has been in place for more than six weeks.
Reuters reported on Monday that oil prices rose more than 3 percent after Iran and the US traded strikes and the Tel Aviv regime ordered its forces to move further into Lebanon.
US crude futures rose $2.88 or 3.3 percent to $90.24 a barrel as of 0701 GMT. Brent futures rose $2.78 or 3.05 percent to $93.9 a barrel.
Experts say a further escalation of violence, or a disruption to oil and gas supplies in the Persian Gulf, could still push oil prices higher than this.
Earlier reports of "encouraging progress" toward a final US-Iran understanding had driven Brent and WTI to settle down 1.8 percent and 1.7 percent, respectively.
However, the Israeli military's Lebanon invasion, which has been underway for several days and intensified notably after Washington hosted the Israeli-Lebanon peace talks on Friday, erased all expectations that the US and Iran would soon reach a peace deal or extend the Pakistani-brokered ceasefire.
To make matters worse, over the weekend, the "aggressor US military" said on Sunday it conducted strikes on Iranian military drone and radar installations.
The Islamic Revolution Guards Corps (IRGC) also responded by carrying out a retaliatory strike against an air base used by the US military.
Iran has stated that a ceasefire in Lebanon is inseparable from any final agreement to end the war, as the Israeli regime escalates assaults on Lebanon in violation of an earlier truce.
Foreign Ministry spokesperson Esmaeil Baghaei said on Monday that a ceasefire in Lebanon is inseparable from any final agreement to end the war.
The FM spokesman said the developments in the past weeks constitute a "clear and flagrant violation" of the April 8 Pakistan‑brokered ceasefire.
On February 28, an unprovoked war against Iran was launched in a joint military operation by the US and Israeli forces, with help from its military bases spread across the region in neighboring countries.
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