Brent crude futures climbed 79 cents to $79.81 a barrel by 0910 GMT, while U.S. crude futures rose 80 cents to $75.63
Oil prices rose 1 per cent on Monday on renewed concerns that an escalating Gaza conflict could disrupt regional oil supplies, extending gains from Friday when the prospect of U.S. interest rate cuts lifted the global economic and fuel demand outlook.
The clash raises fears the war in Gaza conflict risks becoming a regional conflict that would draw in Hezbollah’s backer Iran and Israel’s main ally the United States, though so far no oil output has been affected. “The prospect of easing monetary policy boosted sentiment across the commodity complex,” ANZ analysts said in a note.
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