Oil Prices Rise for the Fourth Consecutive Week

Oil prices increased last week, despite a decline at settlement on Friday, amid concerns over supply disruptions and rising chances of reaching a ceasefire agreement in Gaza. Brent crude recorded a weekly gain of 0.4%, while West Texas Intermediate futures rose 2.1% this week. Brent crude futures dropped by 89 cents or 1.02% to settle at $86.54 per barrel after reaching the highest level since April earlier in the session. West Texas Intermediate futures fell by 83 cents or 0.9% at settlement, closing at $83.16. The office of Israeli Prime Minister Benjamin Netanyahu indicated on Friday that "the head of intelligence has returned from Doha after an initial meeting with mediators as part of efforts to reach a ceasefire agreement in Gaza and release hostages, and negotiations will resume next week."