LONDON, June 1 – Global oil prices rose by more than 2% on Monday after renewed military exchanges between the United States and Iran, alongside escalating hostilities involving Israel and Hezbollah, heightened concerns over the stability of energy supplies from the Middle East.
Brent crude climbed to approximately $93.17 per barrel, while U.S. West Texas Intermediate (WTI) crude advanced to around $89.65 per barrel in early trading.
The gains followed a sharp deterioration in regional security conditions after both Washington and Tehran exchanged strikes, while Israel reportedly expanded military operations against Hezbollah positions in Lebanon.
The latest escalation has increased fears that broader regional instability could threaten oil production, transportation routes and energy infrastructure across one of the world’s most important oil-producing regions.
Market sentiment was also affected by diminishing expectations that diplomatic efforts between the United States and Iran would quickly result in an extension of their existing ceasefire arrangement.
Those expectations had previously contributed to lower oil prices at the end of last week, with both Brent and WTI recording declines as traders anticipated a possible easing of geopolitical risks.
However, the renewed military activity has shifted attention back toward supply security concerns, prompting investors to reassess the risk premium embedded in global energy markets.
The conflict has also raised concerns about the potential impact on key shipping corridors and energy-export routes that play a critical role in global crude oil flows.
Analysts note that sustained instability across the region could continue supporting higher oil prices, particularly if tensions begin affecting production facilities, export terminals or maritime transport routes.
The latest price increase highlights the continued sensitivity of global energy markets to geopolitical developments in the Middle East, where disruptions can rapidly influence oil supply expectations and market sentiment.
