Oil prices rise by over $4 - Israel attacks Iran and Lebanon with missiles
Oil prices rose by more than $4 on Monday, with investors spooked by new Israeli attacks on Iran, as well as attacks on Lebanon the day before.
Brent crude futures rose 4.47% to $97.15 a barrel, while U.S. crude futures rose 4.50% to $94.61 a barrel.
Israel said on Monday it struck a petrochemical plant in southwestern Iran as well as military facilities despite US President Donald Trump telling Israeli Prime Minister Benjamin Netanyahu to refrain from further attacks.
In the first attack on a power plant inside Iran since the April 8 ceasefire, Israel said it hit targets at the Mahshahr petrochemical complex. A provincial official told Iran's semi-official Fars news agency that parts of the plant had been damaged.
Hopes are now being dashed for an imminent end to the war and a resumption of crude flows through the Strait of Hormuz. Oil prices have risen about 60% since the war began in late February, but remain below the peak levels reached in March when Brent crude reached almost $120 a barrel.
Amid the resulting supply crunch, OPEC+ on Sunday agreed to its fourth oil production increase in four months. But analysts said the decision would have little impact as most OPEC+ members were unable to meet their production targets due to the closure of the Strait of Hormuz or, in Russia's case, attacks on infrastructure that have eroded its production capacity.
According to analysts, in the current market, the physical impact of such a decision would be close to zero.
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