Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Oil Prices Jump 2% after Israel Rejects Ceasefire Offer

Fri 09 Feb 2024 | 04:33 AM
Taarek Refaat

Oil prices rose more than 2% today, Thursday, due to fears of the expansion of the conflict in the Middle East, after Israel rejected a ceasefire offer made by Hamas, according to Reuters.

Brent crude futures rose $2.13, or 2.7%, to $81.34 per barrel. West Texas Intermediate (WTI) gained $2, or 2.7% to $75.86.

Brent crude oil exceeded $80 per barrel for the first time since February 1, continuing its gains for the fourth session in a row.

Latest Oil Prices

WTI CRUDE                  $76.34 +0.16%

BRENT CRUDE             $81.67 +0.05%

MURBAN CRUDE        $81.04 -0.04%

NATURAL GAS             $1.874 -2.24%

Israeli forces bombed the southern border city of Rafah on Thursday, after Prime Minister Benjamin Netanyahu rejected a proposal to end the war in the Palestinian strip.

Attacks by Iran-backed Houthi rebels on ships continued to disrupt global oil trade.

In the United States, stronger than expected declines in gasoline and middle distillate inventories supported the oil market.

The decline in fuel inventories, coupled with rising crude inventories, was a sign that U.S. refineries were being maintained.