Crude oil slips lower; underlying tone positive on Middle East tensions
Investing.com -- Oil prices slipped lower Monday, consolidating after recent hefty gains as the conflict in the Middle East continued to raise concerns about disruptions in supply from the world’s biggest oil producing region.Last week saw both benchmarks climbing nearly 6% on Friday, posting their highest daily percentage gains since April. For the week, Brent advanced 7.5% while WTI climbed 5.9%.
Israel’s Prime Minister Benjamin Netanyahu on Sunday vowed to “demolish Hamas,” as his troops prepared for a ground assault on the Gaza strip, in the wake of a series of deadly strikes by the Palestine militant group Hamas against Israeli border towns. Iran is the world’s fifth-largest producer of oil, and the U.S. could tighten sanctions against Tehran if it was to offer overt assistance to Hamas.
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