The rise in oil prices at a time of increasing concerns about supply disruption.

Amid growing concerns about disruptions to Middle Eastern oil supplies, oil prices rose in early trading. On Sunday, Iran launched at least four waves of missiles towards Israel in response to an airstrike on Beirut by Israel several hours earlier, targeting Hezbollah, an armed group supported by Tehran. This attack marked the first time Iran has targeted Israel since a ceasefire agreement with the United States took effect in early April, and could potentially result in the continued closure of the Strait of Hormuz, a key waterway through which one-fifth of the world's oil typically flows. West Texas Intermediate crude oil futures for the near month rose 2.1% to $92.45 per barrel, while Brent crude oil futures for the near month rose 2.3% to $95.23 per barrel.