Oil futures rose on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a quick agreement for a Gaza ceasefire deal appeared slim, reviving fears that combat between Hamas and Israeli forces will resume soon.
WTI crude oil showed a minor bounce after Saudi Arabia hiked prices to Asia.It hit a low of $77.95 yesterdayand is currently trading at $78.92. Saudi Arabia gained Aramco hiked selling price of crude
Oil futures climbed on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil producing region.
Saudi Arabia’s decision to raise crude prices for June across the majority of regions had an impact on oil futures, signalling strong demand expectations for the summer. This adjustment coincided with ongoing geopolitical tensions in the Middle East,