WASHINGTON (dpa-AFX) - Oil prices rose on Monday to extend last week's rally as the Israel-Hezbollah conflict appeared to escalate.
Benchmark Brent crude futures rose 0.3 percent to $73.90 a barrel while WTI crude futures were up 0.3 percent at $71.23.
Both contracts rallied around 4 percent last week on hopes that lower borrowing costs would support global economic growth and demand.
Concerns over a wider conflict in the Middle East have prompted international airlines to suspend flights to the region.
Israel's military pounded targets in south and east Lebanon today and said more strikes were coming.
A military spokesman has warned of 'extensive, precise' strikes against Hezbollah and called for civilians to evacuate or move away from areas in which the militant group operates.
Hezbollah launched more than 100 rockets early Sunday across a wider and deeper area of northern Israel after the country allegedly detonated several electronic devices used by the Lebanese group.
The escalating cross-border violence threatens to erupt into a full-blown war as U.S. President Joe Biden and U.N. officials call for restraint.
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