Oil prices moved modestly higher on global markets this morning, as investors continued to weigh geopolitical tensions in the Middle East despite reports of an extended ceasefire between Israel and Lebanon.
Brent crude, the international benchmark, rose by 0.7 percent to nearly $105.8 per barrel, while U.S. crude gained 0.6 percent, reaching about $96.5 per barrel.
Market sentiment remains cautious, with traders closely watching whether renewed clashes involving Israel and Lebanon could further destabilize the region and place additional strain on the already fragile diplomatic environment surrounding the United States and Iran. Tehran has indicated that the latest fighting amounts to a breach of the broader conditional ceasefire framework.
Oil has remained on an upward trajectory since U.S. President Donald Trump said Washington would postpone further military action while waiting for Iran to present what he described as a unified proposal to address the crisis.
At the same time, concerns over disrupted flows through the Strait of Hormuz continue to add pressure to energy markets. With shipments through one of the world’s most important maritime energy routes still affected, uncertainty over supply remains a key factor behind the latest price increases.
