Oil prices continue to climb

Oil prices significantly increased during Monday's trading, building on a rise of over 2 percent in the previous Friday's session.

The increase was driven by concerns over potential disruptions to regional oil supplies if the situation in the Middle East escalates, alongside support from global economic expectations and fuel demand, fueled by anticipated US interest rate cuts.

Brent crude futures rose by USD 0.37, or 0.5 percent, reaching USD 79.39 per barrel by 23:00 GMT. Meanwhile, US crude futures climbed by USD 0.36, or 0.5 percent, to USD 75.19 per barrel.

Analysts pointed out that Israel's preemptive strike on Lebanon targeting Hezbollah on Sunday could further sustain the rise in oil prices, with West Texas Intermediate (WTI) crude continuing its rebound, reaching USD 77.50.

The escalation raises fears that the aggression on Gaza could expand into a broader regional war, potentially involving Iran and the US.

Brent and US crude both rose by more than 2 percent on Friday after US Federal Reserve Chairman Jerome Powell hinted at the likelihood of interest rate cuts soon, although both benchmarks posted weekly losses.