Oil Prices Rise as Israel Expands Lebanon Offensive - Crude Oil Prices Today

On 1 June 2026, Netanyahu ordered the Israeli military to strike Beirut's southern suburbs, and residents began fleeing the area after evacuation warnings. Israeli troops had seized Beaufort Castle in southern Lebanon, and Israel vowed to create a military-controlled zone around the Litani River. An Israeli soldier was killed and three wounded in a Hezbollah drone attack near the castle, and Hezbollah said it was still fighting Israeli troops there. Israeli strikes on southern Lebanon killed 14 people in one report and 8 in another. Dawn described global outrage over the offensive, and the Israeli military said it withdrew its 146th Division from south Lebanon after three months.

Oil prices rose more than 2% as Israel stepped up its Lebanon operation, and OilPrice later reported a jump of more than 7% after Iran halted talks with the US and threatened a total closure of Hormuz. Haaretz and the Times of India described the Beirut plans as straining US-Iran diplomacy.