2024-04-09T04:41:45+00:00
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/ Oil prices rose in early Asian trading, Tuesday, after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza and ease tension in the Middle East.
By 00:32 GMT, Brent crude futures rose 40 cents to $90.78 per 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 against the backdrop of the possibility of a decline in geopolitical risks after 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.
The market continues to evaluate the possibility of oil supply disruption. Analysts from ANZ said that the Iranian response to the suspected Israeli attack on its consulate in Syria “may make the oil market vulnerable to the conflict, after it has been largely unaffected since the Hamas attack on Israel.”