Oil prices rose by more than 2 per cent in early trading on Monday after Israel announced a deeper military advance into Lebanon as part of what it described as its battle against the Iran-backed armed group Hezbollah, despite a ceasefire that has been in place for more than six weeks.
US crude futures gained $2.37, or 2.71 per cent, to $89.73 a barrel by 1017 GMT, according to Reuters.
Brent crude futures also rose by $2.07, or 2.27 per cent, to $93.19 a barrel.
Both Brent crude and US West Texas Intermediate had fallen on Friday, by 1.8 per cent and 1.7 per cent respectively, amid expectations that the United States and Iran had reached a ceasefire agreement.
READ: Israel seeks Trump administration approval for wider air strikes in Beirut
