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Israel orders troops to advance further into LebanonUS proposes gradual de-escalation plan for Israel and LebanonGoldman Sachs flags weak oil demand in China and EuropeBrent crude oil prices lost around a fifth ​in MayOil prices rose more than 3 percent 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.Brent futures rose $2.93 or ​3.2 percent to $94.05 a barrel at 0906 GMT. US crude futures rose $3.36 or 3.9 percent to $90.72 a ​barrel. Over May, Brent and WTI lost around 19 percent and 17 percent, respectively.The fighting in ⁠the Middle East, after Washington hosted Israel-Lebanon peace talks on Friday, dimmed hopes that the US ​and Iran could soon announce an extension to their ceasefire.The US said on Sunday it conducted "self-defence strikes" ​while Iran's Islamic Revolutionary Guard Corps said on Monday its aerospace force targeted an air base used for US attacks.US President Donald Trump said on Friday he would soon decide on a proposed deal to extend a ceasefire announced in early ​April.Israel would be key to any such deal, and Iran has said repeatedly that Hezbollah must be ​included. The US has proposed a "gradual de-escalation" plan, a US official said on Sunday.Concerns are rising about mines in the ‌Strait ⁠of Hormuz, a key oil and gas shipping lane, IG analyst Tony Sycamore said in a note. "Even if an agreement is reached, it won't deliver a flood of supply," Sycamore said.An Axios reporter said on X on Friday that Iran had dropped more mines in the strait earlier in the week.Iran's ​Foreign Ministry spokesperson Esmaeil ​Baghaei said on Monday ⁠the delay in the diplomatic process to end the war can be explained by a lack of trust, Washington's contradictory positions and Israel's attacks on Lebanon.Concerns ​over supply outweighed weekend economic data from China which showed stalling factory activity. ​This added to ⁠concerns the world's second-largest economy is losing momentum.Saudi Arabia is likely to cut its official selling prices (OSPs) for crude oil to Asia in July for a second month, a Reuters survey showed.Goldman Sachs said on Sunday weak ⁠oil demand ​in China and Europe poses a major downside risk to ​its fourth-quarter Brent crude forecast of $90 a barrel and WTI forecast of $83, although Middle East supply disruptions could still push prices ​higher.