Brent crude futures were up 73 cents to $80.39 a barrel by 0812 GMT, while U.S. West Texas Intermediate crude futures rose 88 cents to $77.72
Oil prices rose for a fifth consecutive session on Monday, extending gains from the previous week’s more than 3 per cent rise, as U.S. recession fears eased while geopolitical tensions in the Middle East supported prices.
“There is also a great deal of anxiety about when Iran might look to avenge Israel’s assassination of key Hamas and Hezbollah leaders. Feels like a matter of when – not if.” In addition, the Israeli incursion into Gaza intensified on Saturday with an airstrike on a school compound that killed at least 90 people, according to the Gaza Civil Emergency Service, though Israel said the death toll was inflated. Hamas cast doubt on its participation in new ceasefire talks on Sunday.
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