Oil Prices Rise Above $93 After Israel Advances in Lebanon
Brent crude futures climbed more than 2 percent in early Asian trade on Monday. The increase followed Israeli orders for deeper troop movements into Lebanon despite a six-week-old ceasefire.
rte.ieOil prices rose more than 2 percent in early Asian trading on Monday after Israeli forces received orders to advance further into Lebanon. S. crude futures approached $90. -Iran ceasefire agreement. Markets reacted to reports that the Lebanon escalation had become a point of contention in negotiations to end the Iran conflict.
At least four people were killed in an Israeli air raid on the Lebanese town of Aabbasiyyeh. Dozens more were injured in strikes on the port city of Tyre and near a hospital in southern Lebanon. Israeli forces also conducted new incursions into southern Syria, entering areas of Quneitra and Deraa provinces.
The troops established temporary checkpoints, searched civilians and vehicles, then withdrew. The Israeli military reported intercepting two of three missiles launched from Lebanon toward Israel. Additional rocket fire from southern Lebanon targeted the Upper Galilee region, and four Israeli soldiers were injured in a drone strike near Beit Hillel.
Iran restored gas production at three offshore platforms in the South Pars gasfield after an Israeli attack in March. The head of the Pars Oil and Gas Company confirmed the restart to state media. Arman Khorsand, head of the Department of Environment’s Center for International Affairs and Environmental Conventions, stated that Iran holds the right under international law to collect environmental fees from vessels passing through the Strait of Hormuz.
He said fees would compensate for oil pollution and ecosystem damage in the Persian Gulf. Ahmed Aboul Gheit, head of the Arab League, condemned Israeli actions in Lebanon and called for an immediate ceasefire. He urged the UN Security Council to enforce Resolution 1701 and compel Israeli withdrawal from southern Lebanon.
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