2024-04-09 04:28:49
Oil prices rose in early Asian trading following hopes faded that negotiations between Israel and Hamas would lead to a ceasefire in Gaza and ease tensions in the Middle East.
Price action
By 0032 GMT, Brent crude futures rose 40 cents to $90.78 a barrel. US West Texas Intermediate crude rose 35 cents to $86.78.
Brent suffered its first losses in five sessions and West Texas Intermediate fell for the first time in seven sessions once morest the backdrop of the possibility of a decline in geopolitical risks following a new round of ceasefire discussions between Israel and Hamas took place in Cairo on Monday at the end of an effort that lasted several sessions.
But Israeli Prime Minister Benjamin Netanyahu said on Monday that a date had been set for a military operation in Rafah, but he did not reveal it, which IG market analyst Tony Sycamore wrote in a note that “puts an end to the hopes that briefly prevailed in the market yesterday that geopolitical tension in the region “It may subside.”
The market continues to evaluate the possibility of oil supply disruption. Analysts from ANZ said in a note to clients that the Iranian response to the suspected Israeli attack on its consulate in Syria “may make the oil market vulnerable to the conflict, following it has been largely unaffected since the Hamas attack on Israel.”
Last week, Tehran also vowed revenge following the air strike in Damascus, although Israel did not claim responsibility for the attack.
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