Oil climbs as Gaza tensions rise, Saudi Arabia hikes prices
HOUSTON -Oil futures rose on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a quick agreement for a Gaza ceasefire deal appeared slim, reviving fears that combat between Hamas and Israeli forces will resume soon.futures were up 69 cents, or 0.84%, at $83.65 a barrel at 11:15 CDT , while U.S. West Texas Intermediate crude futures were at $78.89 a barrel, up 78 cents, or 1%.
Prospects for a Gaza ceasefire faded as Hamas reiterated its demand for an end to the war in exchange for the freeing of hostages and Israel appeared poised to launch a long-threatened assault in the southern Gaza Strip. "Markets are a little jaded about geopolitical risk from the war," said John Kilduff, partner with Again Capital. "I think you're going to have to see more kinetic activity to move the markets,"
Also supporting oil was Saudi Arabia's move to raise the official selling prices for its crude sold to Asia, Northwest Europe and the Mediterranean in June, signalling expectations of strong demand this summer.
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