Brent oil futures steadied above $90 a barrel on Monday after topping that level on Friday, as investors waited to see if the Israel-Hamas conflict escalates further.
Brent futures were down 4 cents, or 0.04%, at $90.85 a barrel at 1120 GMT. U.S. West Texas Intermediate (WTI) crude rose by 12 cents, or 0.14%, to $87.81 a barrel.Both benchmarks climbed nearly 6% on Friday, taking Brent 7.5% higher on the week and WTI up 5.9%.The war between Islamist group Hamas and Israel poses one of the most significant geopolitical risks to oil markets since Russia’s invasion of Ukraine last year, analysts say.Israeli air strikes on Gaza intensified on Monday, after diplomatic efforts to arrange a ceasefire in southern Gaza to allow foreign passport holders to leave and aid to be brought into the Palestinian enclave failed.
via Reuters
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