Oil prices jump 1% on Middle East woes - Breaking The News

Oil prices jump 1% on Middle East woes

26 August

1 min read

PA-EFE/CAROLINE BREHMAN

Crude oil prices saw a 1% increase in trading on Monday due to ongoing uncertainty surrounding the stability of its supply, stemming from the potential expansion of the conflict in the Middle East.

Over the weekend, Israel and Hezbollah exchanged a barrage of missiles. Hezbollah retaliated against the assassination of Fuad Shukr, a high-ranking commander in Beirut, by launching hundreds of rockets and drones towards Israel. Beforehand, Israeli jets also targeted the militia's locations in Lebanon.

West Texas Intermediate (WTI) for October deliveries rose by 1.16% to sell at $75.73 per barrel at 4:35 am ET. Brent for October settlements added 1.11%, going for $79.92 a barrel.

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