Oil prices rebound amid uncertainty over the war in Gaza
Oil prices rose in early trading in Asia on Tuesday, reversing some of the previous day’s losses as investors continued to worry that the war between Israel and Hamas could escalate into a broader conflict in the oil-exporting region, which could cause potential supply disruptions.
By 00:32 GMT, Brent crude futures rose 70 cents, or 0.8%, to $90.53 per barrel, while US West Texas Intermediate crude futures increased 71 cents, or 0.8%, to $86.20 per barrel.
The two crude oil standards fell more than 2% yesterday, Monday, with the intensification of diplomatic efforts in the Middle East, the largest oil supply region in the world, to contain the conflict between Israel and Hamas, which allayed investors’ fears about supply disruptions.
The Hamas movement said yesterday that it had released two Israeli women who were among more than 200 prisoners it held during its attack on October 7 in Operation Al-Aqsa Flood inside the so-called Gaza envelope, while sources said that the United States advised Israel to refrain from a ground attack in the Strip. Gaza.
But Israel continued its bombing of Gaza yesterday after launching air strikes on southern Lebanon overnight.
Israel bombed hundreds of targets in the Gaza Strip from the air while its soldiers clashed with Hamas activists during incursions into the besieged Palestinian enclave, where the death toll is increasing.
A preliminary poll conducted by Reuters yesterday showed that US crude inventories are expected to rise last week while distillate and gasoline inventories will decline.
(Reuters)
2023-10-24 07:56:54
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