Oil prices rose on Tuesday after it became clear that talks between Israel and Hamas would not lead to a ceasefire in Gaza. Companies are concerned that a prolonged conflict could disrupt supplies from the Middle East, a key oil-producing region.
International benchmark Brent crude was trading at $90.93 a barrel on Monday, up 0.60% from the previous trading session’s closing price of $90.38 a barrel. US West Texas Intermediate (WTI) crude, meanwhile, was trading at $86.92 per barrel, up 0.56% compared to the previous session which closed at $86.43 per barrel.
Oil prices rose sharply as the ongoing Israel-Hamas conflict and war in Ukraine continued to threaten global energy supply routes. The Palestinian-based Hamas group commented on the ceasefire efforts in the Gaza Strip as follows:
The Israeli position remains intransigent and has not responded to any of the demands of our people and our resistance.
This week, the market will be monitoring inflation data from the US and China for further signs on the economic direction of the two largest global oil consumers.
