Oil prices rise amid ongoing Middle East hostilities

February 9, 2024 10:30 AM EST -- Oil prices were on pace to end the week higher on Friday, as ongoing violence in the Middle East showed little sign of abating after Israel rejected a ceasefire offer from Hamas.

At 09:45 ET (14:45 GMT), the Brent oil futures contract expiring in April was up 0.9% at $82.40 a barrel, while West Texas Intermediate crude futures climbed by 1.3% to $77.22 per barrel.

Israeli forces launched a fresh attack on southern Gaza on Friday despite warnings of a high death toll among Palestinians in the area from aid groups and U.S. President Joe Biden.

Israel had previously carried out a bombing on the southern border city of Rafah on Thursday following a decision by Prime Minister Benjamin Netanyahu to refuse to bring hostilities to a halt. Crude prices, which rose in the prior session, are now on track to increase by nearly 7% versus the prior week.

"There had been suggestions, or at least hope, that we could see a ceasefire, which could have helped to de-escalate the situation. But clearly, the concern now is we see further escalation," analysts at ING said in a note.

The Israel-Hamas conflict and its implications on broader tensions throughout the Middle East have cast doubt over supplies out of the crucial region, placing upward pressure on oil prices.

You May Also Be Interested In

Related Categories

Commodities, ETFs, General News, Investing

Related Entities

Crude Oil