Oil prices rise more than 2% as Israel moves further into Lebanon

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BEIJING, June 1 : Oil prices rose more than 2 per cent in early trading on Monday after Israel ordered troops to move further into Lebanon in the battle with the Iranian-backed Hezbollah militant group, despite a ceasefire announced more than six weeks ago.

U.S. crude futures rose $2.37 or 2.71 per cent to $89.73 a barrel as of 1017 GMT. Brent futures rose $2.07 or 2.27 per cent to $93.19 a barrel.

Brent and WTI had fallen 1.8 per cent and 1.7 per cent, respectively, on Friday on expectations that the U.S. and Iran had reached a ceasefire agreement.

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