2024-02-09T04:37:07+00:00
A-
A
A+
/ Oil prices rose in early trading on Friday, heading towards achieving weekly gains amid ongoing tensions in the Middle East after Israel rejected a proposal from the Palestinian Hamas movement for a ceasefire.
By 0119 GMT, Brent crude futures were up 8 cents, or 0.1 percent, at $81.71 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.2 percent, at $76.39 a barrel.
Oil prices jumped about 3 percent in the previous session as Israeli forces bombed the border town of Rafah in the southern Gaza Strip after Israeli Prime Minister Benjamin Netanyahu rejected a proposal to end the war in the territory.
The tensions kept oil prices higher, with both benchmarks set to rise 5.7 percent each for the week.
US officials have issued their harshest criticism yet of civilian casualties in Gaza as Israel shifts its focus to Rafah.
A Hamas delegation arrived in Cairo on Thursday to hold talks with mediators from Egypt and Qatar to reach a ceasefire.
Although the conflict has caused prices to rise, it has had no impact on oil production.