Oil begins week lower after Israel says ‘concluded’ Gaza strikes
Brent crude futures were 29 cents, or 0.4% lower, at US$81.90 a barrel, while U.S. West Texas Intermediate crude futures were down 28 cents, or 0.4%, at US$76.56 a barrel at 0746 GMT
Oil prices fell in early Asian trade on Monday after Israel said it had “concluded” a series of strikes in southern Gaza, slightly easing concerns about supply from the Middle East.
Brent crude futures were 29 cents, or 0.4% lower, at US$81.90 a barrel, while U.S. West Texas Intermediate crude futures were down 28 cents, or 0.4%, at US$76.56 a barrel at 0746 GMT.
Geo-political risks including a feared broadening of the Israel-Palestinian conflict across the region and potential oil supply disruption in the Middle East pushed prices up by about 6% last week.
The Israeli military said on Monday it had conducted a “series of strikes” on southern Gaza that have now “concluded,” days after Israeli Prime Minister Benjamin Netanyahu rejected a ceasefire proposal from Hamas.
Logistics disruptions in the Red sea remained front and centre of investor concerns. The United Kingdom Maritime Trade Operations (UKMTO) agency said early on Monday it had received a report of a ship being attacked by two missiles south of Yemen’s Al Mukha.
Iran-aligned Houthi militants in Yemen, who control the country’s most densely populated regions, have repeatedly dispatched drones and fired missiles at commercial ships since mid-November.
They say the attacks are a response to Israel’s military actions in Gaza. The campaign has rocked global shipping, leading several companies to halt Red Sea journeys and opt for a longer and more expensive route around Africa.
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