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Oil rises as US, Iran trade strikes, Israel advances into Lebanon
Business World Philippines
|June 02, 2026
Crude oil prices rose more than 3% on Monday after Iran and the US traded strikes and Israel ordered troops to move further into Lebanon in its battle with Tehran-backed Hezbollah.
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US crude futures rose $2.88 or 3.3% to $90.24 a barrel as of 0701 GMT. Brent futures rose $2.78 or 3.05% to $93.9 a barrel.
The fighting, after Washington hosted Israel-Lebanon peace talks on Friday, dimmed hopes that the US and Iran could soon announce an extension to their ceasefire, which had driven Brent and West Texas Intermediate (WTI) to settle down 1.8% and 1.7%, respectively, on Friday.
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