Oil prices rose on Monday after the Zionist entity struck targets in Lebanon with more than 100 fighter jets before Hezbollah fired more than 320 missiles at the entity.

Hezbollah said the strikes were in response to the killing of Commander Fouad Shukr in Beirut last month, and the Zionists said their pre-emptive strikes were aimed at thwarting a larger attack by Hezbollah.

Tensions in the Middle East and the risk of a wider conflict will keep oil prices high, especially after the prospects for a truce in Gaza have diminished and the expected Iranian retaliation against the entity after the assassination of Ismail Haniyeh in the heart of Tehran, so expectations indicate that crude oil will continue to rise in the coming period.

Market expectations indicate that an Iranian attack could harm the Zionists, and therefore the entity may respond to Iran by striking Iranian oil supplies and related infrastructure, which would endanger 3-4% of global oil supplies.

It is worth noting that on Monday, Reuters reported that no agreement on a ceasefire was reached at the talks held on Sunday on the conflict in Gaza, as neither Hamas nor the entity agreed to the proposals made by the mediators in Cairo.

Technically:

after oil rose at the end of last week's trading rebounding from the uptrend levels on the daily frame, crude oil is currently trying to form a Gartley pattern down to the levels of 81.50 to 82.00 dollars per barrel.