ISTANBUL, May 7 — Oil prices rose today amid ongoing ceasefire negotiations in Gaza and the Israeli military’s assault on the Palestinian side of the Rafah border crossing, reported Anadolu.
International benchmark Brent crude traded at US$83.42 (RM395) per barrel at 10.28 am local time (0728GMT), an increase of 1.32 per cent from the closing price of US$82.33 per barrel in the previous trading session.
American benchmark West Texas Intermediate traded at US$78.55 per barrel at the same time, a 0.09 per cent rise from the previous session that closed at US$78.48 per barrel.
Oil prices surged with heightened geopolitical tensions due to the Israeli military assault on the Palestinian side of the Rafah border crossing.
The Palestinian news agency Wafa reported that the Israeli army targeted buildings in the region with rockets.
These attacks weakened the prospects of a ceasefire in Gaza and raised concerns that the conflict in the region, which is home to most of the global oil reserves in the in the Middle East, could escalate further, supporting higher oil prices.
Meanwhile, the strengthening of the US dollar against other currencies limited upward price momentum. The US dollar index, which registered at 105.26 at 09.07am local time (0607GMT), is making oil more expensive for other currency-holding traders, dampening demand. — Bernama-Anadolu
