Crude Oil is trading 3.5% up today at $93.67 as new military action in the Middle East caused traders to rapidly reassess supply disruption risks, reversing recent price declines.
- Prices surged after Israel launched strikes on the Beirut area for the first time since a U.S.-led ceasefire plan was announced, with some reports also citing missile launches by Iran toward Israel. [4, 6, 15]
- This escalation has renewed fears of a wider conflict that could disrupt crude flows through critical chokepoints like the Strait of Hormuz. [5, 9]
- The move marks a sharp reversal from last week, when prices fell on hopes of a U.S.–Iran understanding and weak Chinese import data. [10, 19]