WTI and Brent crude rise over 2% as Israeli military advances deepen concerns over Middle East supply disruptions.
Oil prices surged in early Asian trading after Israel expanded its offensive into Lebanon, heightening fears of a broader regional conflict. West Texas Intermediate crude climbed 2.88% to $89.88 per barrel, while Brent crude rose 2.43% to $93.33 per barrel.
The escalation follows Israeli troops crossing the Litani River and declaring areas south of the Zahrani River a combat zone. Prior sessions saw crude prices stabilize amid hopes for de-escalation, but renewed tensions reversed those gains.
Markets are pricing in increased risk to supply routes, though no immediate disruptions have been reported.