Oil prices see a rise amidst escalating geopolitical tensions in the Middle East

Oil prices rose in trading today, Monday, fueled by escalating geopolitical tensions in the Middle East. This surge followed an exchange of strikes between the United States and Iran, where Iranian forces targeted a U.S. airbase. This was in response to the U.S. military's announcement of shelling radar sites and drone control systems in southern Iran over the weekend. In a related context, developments in Lebanon added to the concerns, as Israel issued orders to its forces to intensify military operations inside Lebanese territory against the Iran-backed Hezbollah group, despite a ceasefire having been declared more than six weeks ago. Market-wise, U.S. crude futures recorded an increase of $2.44, bringing the price per barrel to $89.80. Brent crude futures also climbed by $2.23, reaching $93.35 per barrel.