Israel Launches Airstrikes in Lebanon, Oil Prices Surge

Crude oil futures rose as Israel launched strikes in Lebanon in response to rockets fired into northern Israel, leading to increased tensions in the region. The West Texas Intermediate contract for March gained 53 cents to $78.40 a barrel, while the Brent contract for April was trading at $83.31 a barrel, up 54 cents. The ongoing conflict between Israel and Hamas in Gaza has contributed to a 5.5% and 4.6% increase in WTI and Brent prices, respectively, over the past week, with CIA Director William Burns in Cairo to facilitate negotiations for a ceasefire.