Crude prices climbed in early Asian trading on Monday after Israeli troops pushed further into Lebanon over the weekend, fuelling investor fears that the broader Middle East conflict could escalate rather than move towards a peace deal.
At the time of writing, West Texas Intermediate (WTI) crude was up 2.88% at $89.88 per barrel, while Brent crude rose 2.43% to $93.33 per barrel.
The Israeli advance has taken place despite a nominal ceasefire in place since 17 April and just days before the next round of direct talks between Lebanon and Israel, scheduled at the State Department on 2 and 3 June.
Asia-Pacific markets mixed
In other early trade dealings on Monday morning, Asia-Pacific markets were mixed with South Korea’s Kospi climbing 1.31%, while Japan’s Nikkei 225 edged up 0.17%. The broader Topix index, however, slipped 0.3%.
