Singapore August 26 2024: Oil prices extended gains on Monday on fears a major spillover in fighting from the Gaza conflict into the Middle East could disrupt regional oil supplies, while imminent U.S. interest rate cuts lifted the global economic and fuel demand outlook.
Brent crude futures climbed 53 cents, or 0.7%, to $79.55 a barrel by 0425 GMT while U.S. crude futures were at $75.34 a barrel, up 51 cents, or 0.7%.
In one of the biggest clashes in more than 10 months of border warfare, Hezbollah fired hundreds of rockets and drones into Israel on Sunday, as Israel’s military said it struck Lebanon with around 100 jets to thwart a larger attack.
