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

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

An emission comes out of a smoke stack on the Infineum oil refinery on February 6, 2024, in Linden, New Jersey. 

Gary Hershorn | Corbis News | Getty Images

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

The West Texas Intermediate contract for March was last up 1 cent to commerce at $76.85 a barrel. The Brent contract for April was last buying and selling at $81.96 a barrel, down 23 cents or .28%.

U.S. crude and the worldwide benchmark popped last week after Israel rejected Hamas’ proposal for a ceasefire and vowed to press on with its Gaza offensive to the southern metropolis of Rafah, which is situated 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, however we’re going to do it,” Israel Prime Minister Benjamin Netanyahu instructed ABC’s “This Week” in an interview that aired Sunday.

Oil Prices, Energy News and Analysis

“Those who say that in no way ought to we enter Rafah are principally saying lose the struggle, preserve Hamas there,” Netanyahu stated. The prime minister stated Israel would supply secure passage for civilians out of the southern metropolis.

Oil prices have struggled to breakout of a $10 buying and selling vary regardless of tensions within the Middle East. Tamas Varga, analyst with oil dealer PVM, stated a extra important rally would require an excessive situation, akin to direct U.S. assault on Iran, that might lead to a fabric disruption of crude provides.

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