Crude oil prices saw a sharp increase during Asian trading hours on Monday following reports that Israeli troops have advanced further into Lebanon. The development has heightened investor anxiety, fueling fears that the broader Middle Eastern conflict may escalate rather than move toward a diplomatic resolution.
West Texas Intermediate (WTI) crude rose by 2.88% to $89.88 per barrel, while Brent crude climbed 2.43% to $93.33. This military push comes despite a nominal ceasefire that has been in place since April 17, and just days before high-stakes direct talks between Lebanon and Israel are set to take place at the U.S. State Department on June 2 and 3.
In broader market news, Asia-Pacific indices showed mixed results. While South Korea’s Kospi rose by 1.31%, Japan’s Topix index slipped by 0.3%. Meanwhile, SoftBank Group shares surged 5% in Tokyo after the conglomerate announced a massive €45 billion investment plan to develop artificial intelligence infrastructure in France.
In the United States, Wall Street remains in a historic position following a record-breaking Friday. The S&P 500 marked its seventh consecutive daily gain and its ninth straight winning week, the longest such streak since 2023. Technology stocks continue to drive this momentum, though analysts remain cautious about the long-term sustainability of this tech-led rally.
