Smoke billows following Israeli bombardment in the village of Shihin in southern Lebanon near the border with Israel on February 13, 2024, amid ongoing cross-border tensions as fighting continues between Israel and Palestinian Hamas militants in the Gaza Strip.Kawnat Haju | Afp | Getty Images
Crude oil futures rose on Wednesday as Israel launched a wave of strikes in Lebanon.
The West Texas Intermediate contract for March gained 53 cents to $78.40 a barrel. The Brent contract for April was trading at $83.31 a barrel, up 54 cents.
The moves came after Israel launched an extensive wave of attacks in Lebanon, Israel Defense Forces spokesperson Daniel Hagari said on social media Wednesday. The strikes were in reaction to rockets fired into northern Israel killed one person and injured at least seven more.
WTI and Brent have gained 5.5% and 4.6%, respectively, in the last week as the war between Israel and Hamas in Gaza rages on with no ceasefire in sight.
CIA Director William Burns is in Cairo to facilitate negotiations involving Israel, Hamas, Qatar and Egypt aimed at securing a truce in the fighting in exchange for Hamas releasing hostages.
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