WTI crude futures rose above $92 per barrel on Monday, rebounding after two consecutive sessions of declines, as heightened geopolitical tensions in the Middle East renewed supply concerns. Iran launched multiple rounds of missiles toward Israel and warned against further military action in Lebanon, stoking fears about the durability of a fragile ceasefire amid stalled peace talks. Israel’s military reported that all incoming missiles were intercepted and that no casualties occurred.
According to reports, President Donald Trump criticized Israel’s strikes on Beirut and said he would press Prime Minister Benjamin Netanyahu to refrain from retaliating against Iran, while also urging Tehran to return to the negotiating table. At the same time, the protracted conflict and the ongoing near-closure of the Strait of Hormuz have disrupted energy flows from the Persian Gulf, helping to keep oil prices elevated.
Separately, OPEC+ approved an additional increase in July oil production quotas of 188,000 barrels per day, even as supply risks tied to Middle East tensions persist.
