Latest News

Oil prices hang on to last week’s gains after rally on Middle East tensions

0
An emission comes out of a smoke stack at the Infineum oil refinery on February 6, 2024, in Linden, New Jersey. 
Gary Hershorn | Corbis News | Getty Images

Oil prices were largely flat Monday after rallying more than 6% last week on escalating Middle East tensions.

The West Texas Intermediate contractBrent contract for April

U.S. crude and the global benchmark popped last week after Israel rejected Hamas’ proposal for a ceasefire and vowed to press on with its Gaza offensive to the southern city of Rafah, which is located on the border with Egypt.

“We’re going to do it. We’re going to get the remaining Hamas terrorist battalions in Rafah, which is the last bastion, but we’re going to do it,” Israel Prime Minister Benjamin Netanyahu told ABC’s “This Week” in an interview that aired Sunday.

“Those who say that under no circumstances should we enter Rafah are basically saying lose the war, keep Hamas there,” Netanyahu said. The prime minister said Israel would provide safe passage for civilians out of the southern city.

Oil prices have struggled to breakout of a $10 trading range despite tensions in the Middle East. Tamas Varga, analyst with oil broker PVM, said a more significant rally would require an extreme scenario, such as direct U.S. attack on Iran, that would lead to a material disruption of crude supplies.

Don’t miss these stories from CNBC PRO:

Forget ‘FANG’ and ‘Magnificent 7,’ the new hot portfolio is ‘MnM,’ says Raymond JamesWalmart just split its stock. History shows what will happen next with the megacapAlibaba, ASML and more: Jefferies reveals its ‘highest-conviction’ stocks to buy — and one has 118% upsideTesla is one of the most oversold stocks in the S&P 500 and could be due for a bounce

Bitcoin, AI and Magnificent 7: The emerging ETF trends as industry gathers for big conference

Previous article

Microsoft’s AI growth is helping its cloud business weaken Amazon’s lead

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News