Rise in Oil Prices Amid Ongoing Tensions in the Middle East

Oil prices rose in early Asian trading as hopes faded for negotiations between Israel and Hamas to lead to a ceasefire in Gaza and ease tensions in the Middle East. As of 00:32 GMT, Brent crude futures increased by 40 cents to $90.78 per barrel. West Texas Intermediate crude rose by 35 cents to $86.78. Brent recorded its first loss in five sessions, and West Texas Intermediate fell for the first time in seven sessions due to the potential reduction of geopolitical risks following a new round of ceasefire discussions between Israel and Hamas in Cairo on Monday, concluding a series of sessions.