Oil jumps 2% as Israel expands Lebanon offensive, rattling ceasefire hopes Oil prices increased on Monday as Israel expanded its military operations in Lebanon, sparking concerns about a U.S.-brokered ceasefire arrangement with Iran. Brent crude futures rose 2.43% to $93.33 a barrel, while West Texas Intermediate futures gained 2.76% to $89.77. Goldman Sachs noted that risks to oil price forecasts are two-sided, with potential supply disruptions countered by weakening demand, citing weak retail sales data from China and Western Europe.

• Oil prices rose due to Israel’s order to deepen its troop maneuver in Lebanon.
• This escalation renewed concerns about the fragile ceasefire between Washington and Tehran.
• Brent crude futures increased by 2.43% to $93.33, and WTI futures rose by 2.76% to $89.77.
• The hostilities dimmed hopes for an extension of the U.S.-Iran ceasefire arrangement.
• Goldman Sachs indicated that oil price forecasts face both upside risks from supply disruptions and downside risks from weakening demand.