Brent Climbs 2.45% to $93.35 as Israel Expands Lebanon Offensive

9 articles · Updated · CNBC · Jun 1

Brent crude rose 2.45% to $93.35 a barrel on Monday, while WTI gained 2.8% to $89.78 after Israel ordered troops to push deeper into Lebanon.
Benjamin Netanyahu said he and Defense Minister Yisrael Katz instructed the IDF to expand operations despite an April ceasefire, reviving fears of clashes with Iran-backed Hezbollah.
That escalation followed U.S.-brokered Israeli-Lebanon talks in Washington on Friday and dimmed hopes that Washington and Tehran were close to extending their ceasefire arrangement.
Goldman Sachs kept fourth-quarter 2026 forecasts at $90 Brent and $83 WTI, saying risks are two-sided as Middle East supply disruptions could lift prices but weak demand could drag them lower.
The bank said weak April oil retail sales in China and Western Europe imply about 2 million barrels per day of downside risk to its already subdued demand outlook.

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