New York, June 1 (SANA) Oil prices rose more than 2% on Monday as markets reacted to escalating tensions in the Middle East and shifting expectations for global supply and demand.
Brent crude futures climbed 2.43% to $93.33 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 2.76% to $89.77. Prices were supported by concerns that an escalation of military operations in Lebanon could increase risks to regional stability and energy markets.
Investors also weighed uncertainty surrounding diplomatic efforts in the region following recent developments involving Israel, Lebanon and broader U.S.-Iran contacts.
Separately, recent data from the U.S. Energy Information Administration showed declines in crude oil, gasoline and distillate inventories, supported by stronger refinery activity and consumer demand.
Traders remain focused on geopolitical risks and demand indicators as they assess the near-term outlook for global oil markets.
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