(MENAFN) Oil rates surged on Monday due to several factors including unsuccessful cease-fire attempts in Gaza, Saudi Arabia's decision to increase crude oil sale prices, and uncertainty surrounding the timing of the US Federal Reserve's decision on interest rates.
At 10:07 a.m. local time (0707 GMT), the international benchmark Brent crude traded at USD83.56 per barrel, which marks a 0.72 percent increase from the previous trading session's closing price of USD82.96 per barrel. Similarly, the American benchmark West Texas Intermediate (WTI) traded at USD78.72 per barrel at the same time, reflecting a 0.78 percent rise from the previous session's close at USD78.11 per barrel.
The rise in oil prices at the start of the week was driven by concerns over the escalation of the conflict in the Middle East following unsuccessful attempts to negotiate a cease-fire in Gaza. Additionally, Saudi Arabia's decision to raise crude oil sale prices added to market uncertainties, as did the lingering ambiguity surrounding the US Federal Reserve's stance on interest rates.
Amidst these developments, the Israeli army issued urgent evacuation orders on Monday morning to Palestinian residents and displaced individuals in several areas of eastern Rafah, directing them to relocate immediately to the town of al-Mawasi.
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