Commodities and Futures News

Oil prices steady on Gaza ceasefire talks even as US plans Middle East strikes

2024.02.04 22:00


© Reuters. FILE PHOTO: A view reveals oil tanks of Transneft oil pipeline operator on the crude oil terminal Kozmino on the shore of Nakhodka Bay close to the port metropolis of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel

By Colleen Howe

BEIJING (Reuters) – Oil prices stabilised in early Asian buying and selling on Monday after sharp falls final week, amid continued makes an attempt to achieve a ceasefire within the Israel-Palestinian battle even as the U.S. deliberate new strikes on Iran-backed teams.

futures inched up 8 cents to $77.41 a barrel by 0131 GMT, whereas U.S. West Texas Intermediate futures had been flat at $72.28 a barrel.

Both benchmarks ended final week down about 7%. They fell 2% on Friday after stronger-than-expected U.S. jobs knowledge steered rate of interest cuts could possibly be additional out than anticipated, and on progress in ceasefire negotiations between Israel and Hamas.

However, traders remained cautious of any escalation within the Middle East battle, after the U.S. signaled additional strikes on Iran-backed teams within the Middle East in response to a lethal assault on U.S. troops in Jordan.

The U.S. additionally continued its marketing campaign towards the Iran-backed Houthis in Yemen, with 36 strikes on Saturday towards the teams whose assaults on delivery vessels have disrupted world oil buying and selling routes, though provide has been largely unaffected.

“Given the US military strikes avoid directly attacking Iran, we think the Israel‑Hamas ceasefire talks will have the more dominant effect ‑ thereby reducing Middle‑East tensions,” stated Commonwealth Bank commodities analyst Vivek Dhar.

“Oil markets will likely respond by continuing to discount supply disruption risks in the Middle East,” he stated in a shopper word on Monday, including that might doubtless hold Brent futures under $80 a barrel.

On Friday, the U.S. Department of Justice introduced sanctions-evasion prices and seizures linked to an oil trafficking community that it says funds Iran’s Islamic Revolutionary Guard Corps.

It seized greater than 520,000 barrels of sanctioned Iranian oil aboard the crude tanker Abyss, which had been anchored within the Yellow (OTC:) Sea en path to China.

Iran exported between 1.2 million and 1.6 million barrels per day of via most of 2023, representing 1%-1.5% of worldwide oil provide.

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