Oil prices rise amid ceasefire negotiations in Gaza and Israeli assault on Rafah

Oil prices rise amid ceasefire negotiations in Gaza and Israeli assault on Rafah
Oil prices rise amid ceasefire negotiations in Gaza and Israeli assault on Rafah

AA / Istanbul / Duygu Alhan

Oil prices rose during morning trading on Tuesday, against the backdrop of negotiations for a ceasefire in Gaza and an assault by the Israeli army against the Palestinian side of the Rafah border crossing.

International benchmark Brent crude traded at $83.42 per barrel at 10:28 a.m. local time (0728 GMT), up 1.32% from yesterday’s closing price which set the price of a barrel at $82.33.

The benchmark American barrel West Texas Intermediate, for its part, traded at 78.55 dollars per barrel, with an increase of 0.09% compared to Monday trading prices which closed the day at 78.48 dollars per barrel.

The price of a barrel of oil has skyrocketed following the escalation of geopolitical tensions due to the military assault carried out by the Israeli army against the Palestinian side of the Rafah border crossing.

The Palestinian news agency WAFA reported that the Israeli army targeted buildings in the area with rockets.

The attacks have weakened prospects for a ceasefire in Gaza and raised concerns about a further escalation of the conflict in the Middle East, which contains most of the world’s oil reserves, leading to , an increase in oil prices.

The Palestinian movement Hamas declared on Monday that it had accepted a proposal made by Qatar and Egypt for a ceasefire in Gaza. Hamas leader Ismail Haniyeh expressed his group’s acquiescence to the proposal in telephone conversations with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani and Egyptian intelligence chief Abbas Kamel.

After the announcement of Hamas’ approval of the proposed ceasefire brokered by Qatar and Egypt, the Israeli War Cabinet decided to continue attacks on Rafah.

From another perspective, the rise in the US dollar index compared to other currencies has limited the upward trend in barrel prices. The increase in the greenback index, which reached 105.26 points at 9:07 a.m. local time (06:07 GMT), made the acquisition of crude more expensive for transactions carried out in currencies other than the dollar, thus slowing demand for energy.

* Translated from English by Mounir Bennour.

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