On Thursday, May 7, 2026, the crude oil tanker Sea Voyager anchored off the coast of Long Beach Port in Long Beach, California, United States.
Tim Lu | Bloomberg | Getty Images
Oil prices rose on Monday after Israel ordered its troops to invade Lebanon, renewing concerns that a clash with the Iranian-backed Hezbollah group could threaten the fragile ceasefire between the United States and Tehran.
brent crude oil futuresThe international benchmark rose 2.43% to $93.33 per barrel. West Texas Intermediate futures rose 2.76% to $89.77 per barrel.
The escalation in hostilities after U.S.-brokered Israeli-Lebanon talks in Washington on Friday dampened hopes that the U.S. and Iran were close to extending a cease-fire agreement.
Prime Minister Benjamin Netanyahu said on Sunday: “Together with Defense Minister Israel Katz, I have directed the Israel Defense Forces to expand their exercises in Lebanon.” The order was issued despite a ceasefire declared in April.
Goldman Sachs said risks to the $90 and $83 per barrel outlook for Brent and WTI in the fourth quarter of 2026 remained “two-sided,” with the bank warning that prolonged supply disruptions in the Middle East could push prices higher, while weaker demand could create significant downside risks.
Goldman estimated that weak April retail oil sales data for China and Western Europe implied a downside risk of about 2 million barrels per day to already subdued demand forecasts.
