Oil futures gain traction as Saudi Arabia raises June crude prices amidst doubts about a Gaza ceasefire, signaling potential conflict escalation in vital oil-producing areas.
Potential conflict escalation is vital oil-producing areas. / Photo: Reuters Archive
Brent crude futures climbed 28 cents, or 0.3 percent, to $83.24 a barrel at 0119 GMT, while US West Texas Intermediate crude futures were at $78.40 a barrel, up 29 cents, or 0.4 percent. "After falling a little more than 7.3 percent last week due to easing geopolitical tensions, ICE Brent has started the new trading week on a stronger footing, opening higher," ING's head of commodities research Warren Patterson said in a note.
The geopolitical risk premium in oil prices has also eased as talks for a Gaza ceasefire are underway.
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