Oil rises with bombing between America and Iran and Israel’s incursion into Lebanon

Oil prices rose by more than three percent today, Monday, after mutual bombing between Iran and the United States, and after Israel ordered its forces to penetrate deeper into Lebanon to fight the Hezbollah group supported by Tehran.

Brent crude futures rose $3.43, or 3.8 percent, to $94.55 per barrel at 1314 GMT.

US crude futures increased $3.87, or 4.4 percent, to $91.23 per barrel. During May, Brent crude fell about 19 percent and West Texas Intermediate crude fell about 17 percent.

The escalation in fighting, which came after Washington hosted Israeli-Lebanese talks on Friday, led to decreased expectations that the United States and Iran would soon announce an extension of their ceasefire agreement.