Crude oil futures traded higher on Monday morning after Israeli Prime Minister Benjamin Netanyahu ordered forces to move further into Lebanon.
At 10.04 am on Monday, August Brent oil futures were at $93.15, up by 2.23 per cent, and July crude oil futures on WTI (West Texas Intermediate) were at $89.64, up by 2.61 per cent. June crude oil futures were trading at ₹8540 on Multi Commodity Exchange (MCX) during the initial hour of trading on Monday against the previous close of ₹8281, up by 3.13 per cent, and July futures were trading at ₹8370 against the previous close of ₹8135, up by 2.89 per cent.
Israeli Prime Minister Benjamin Netanyahu said he has instructed his forces to expand the incursion in Lebanon.
In a statement posted on the website of the Israeli Prime Minister, he said: “Our forces have crossed the Litani River. They took dominant terrain. They captured the Beaufort ridge. And now my instruction is to deepen and expand our hold on places that were under Hezbollah’s control.”
Stating that the capture of Beaufort is a dramatic stage and a dramatic change in the policy Israel is leading, he said: “We have broken the barrier of fear. We are taking the initiative, we are operating on all fronts – in Syria, in Gaza, in Lebanon; we have established security zones beyond our borders to protect our communities.”
Netanyahu said: “Well, since the beginning of the War of Redemption we have eliminated 8,000 Hezbollah terrorists. Since Operation Roaring Lion – 3,000. In the past month alone – 700. This is more than everyone we eliminated during the Second Lebanon War.”
This incursion comes at a time when Iran and the US are working out modalities to end the war in West Asia.
June natural gas futures were trading at ₹321 on MCX during the initial hour of trading on Monday against the previous close of ₹316, up by 1.58 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), June dhaniya contracts were trading at ₹12950 in the initial hour of trading on Monday against the previous close of ₹12830, up by 0.94 per cent.
June turmeric (farmer polished) futures were trading at ₹16220 on NCDEX in the initial hour of trading on Monday against the previous close of ₹16188, up by 0.20 per cent.