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Oil rates see modest gains amid Israeli-Palestinian conflict
(MENAFN) Oil prices showed limited gains on Tuesday, with the ongoing conflict between Israel and Hamas and a tentative resolution to US sanctions on Venezuela in focus.
The international benchmark, Brent crude, was trading at USD89.98 per barrel at 10.26 a.m. local time (0726 GMT), marking a 0.37 percent increase from the previous closing price of USD89.65 per barrel on the last trading session, which was Friday.
On the other hand, the American benchmark, West Texas Intermediate (WTI), traded at USD85.47 per barrel at the same time, representing a 0.25 percent increase from the Friday's closing price of USD85.26 per barrel.
Market participants are trying to assess the potential ramifications of the conflict, which began on October 7 and has resulted in the loss of lives among both Palestinians and Israelis, with over 2,808 Palestinians and more than 1,400 Israelis affected. They are also keeping a close watch on how this crisis may impact global crude oil supply channels as the situation continues to escalate.
Additionally, the market is closely monitoring an agreement between the government and opposition in Venezuela. This agreement, set to be signed on Tuesday, outlines new electoral conditions for the 2024 election.
Once signed, it is expected to lead to the lifting of US energy sanctions on President Nicolas Maduro's administration.
The US greeted discussions with US State Department representatives Matthew Miller, declaring, "The US will continue its efforts to unite the international community in support of the Venezuelan-led negotiation process."
Under the administration of the previous US President Donald Trump, the US tightened restrictions on Venezuelan oil shipments in 2019 after refusing to recognize Venezuelan Leader Nicolas Maduro's reelection in 2018.
The international benchmark, Brent crude, was trading at USD89.98 per barrel at 10.26 a.m. local time (0726 GMT), marking a 0.37 percent increase from the previous closing price of USD89.65 per barrel on the last trading session, which was Friday.
On the other hand, the American benchmark, West Texas Intermediate (WTI), traded at USD85.47 per barrel at the same time, representing a 0.25 percent increase from the Friday's closing price of USD85.26 per barrel.
Market participants are trying to assess the potential ramifications of the conflict, which began on October 7 and has resulted in the loss of lives among both Palestinians and Israelis, with over 2,808 Palestinians and more than 1,400 Israelis affected. They are also keeping a close watch on how this crisis may impact global crude oil supply channels as the situation continues to escalate.
Additionally, the market is closely monitoring an agreement between the government and opposition in Venezuela. This agreement, set to be signed on Tuesday, outlines new electoral conditions for the 2024 election.
Once signed, it is expected to lead to the lifting of US energy sanctions on President Nicolas Maduro's administration.
The US greeted discussions with US State Department representatives Matthew Miller, declaring, "The US will continue its efforts to unite the international community in support of the Venezuelan-led negotiation process."
Under the administration of the previous US President Donald Trump, the US tightened restrictions on Venezuelan oil shipments in 2019 after refusing to recognize Venezuelan Leader Nicolas Maduro's reelection in 2018.
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