Oil prices surged more than 2% in early trading Monday after Israel ordered troops to advance further into Lebanon, escalating conflict with the Iran-backed Hezbollah group, despite a ceasefire declared six weeks ago.
US crude futures climbed $2.37, or 2.71%, to $89.73 a barrel. Brent futures rose $2.07, or 2.27%, to $93.19 a barrel. This follows a 1.8% and 1.7% drop on Friday on expectations of a US-Iran ceasefire deal.