Crude oil sells above $90 per barrel as cease fire deal between Hamas and Israel fades

Crude oil sells above $90 per barrel as cease fire deal between Hamas and Israel fades

Oil prices increased during early Asian trading as optimism faded regarding the potential for ceasefire negotiations between Israel and Hamas to alleviate tensions in the Middle East.

Brent crude futures climbed by 40 cents to reach $90.78 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by 35 cents to $86.78.

The conclusion of a recent series of ceasefire discussions between Israel and Hamas in Cairo halted a multi-session rally on Monday. This resulted in Brent experiencing its first decline in five sessions and WTI in its first in seven, as the possibility of geopolitical risks subsiding emerged.

READ ALSO:

• Naira gains further against dollar at official window, parallel market
• BREAKING: NLC sacks Peter Obi ally, Abure’s NWC
• FG launches app for Nigerians to track ministers’ performances

Israeli Prime Minister Benjamin Netanyahu announced on Monday that an undisclosed date has been established for Israel’s incursion into the Rafah enclave in Gaza.

Additionally, a senior Hamas official stated on Monday that Hamas has rejected the latest ceasefire proposal put forward by Israel during the talks in Cairo.

Oil prices dropped a day earlier over hopes that the of a ceasefire deal between the two warring groups in the Middle East. The recent developments, particularly the ceasefire negotiations, offered some promise for a significant reduction in the conflict’s intensity.

This was especially notable as the U.S. called on Israel to scale back its offensive against Gaza due to concerns over human rights violations.

Crude oil sells above $90 per barrel as cease fire deal between Hamas and Israel fades