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BREAKING
DPRK strongly condemnded the US strikes on Iran
Iran: Fars News Agency: A woman and her 6-year-old son were killed in an Israeli drone attack on Kermanshah Province
Iran: IRNA: Attack Wave 21 was not carried out, and the operation carried out minutes ago was from Yemen against targets in the occupied territories
Sirens are sounding in Tel Aviv and surrounding areas
Israeli military command: We identified missiles launched from Iran
Tunis: The legitimacy created by World War II is crumbling and the future belongs to free peoples of the world
Tunis: We emphasize that the aggression against Iran should not obscure other ongoing crimes, the first of which is the war of extermination against the Palestinian people
Tunis: International legitimacy does not permit or justify aggression against Iran under any cover or title
Tunisia: Foreign Ministry: We call for an end to the aggression against our sister country, Iran, and we do not limit ourselves to condemning the Zionist and American attacks
Iran: Nur News: An Israeli aerial assault is targeting the region of Parchin, east Tehran

Oil close to recouping last week losses

  • By Al Mayadeen English
  • Source: Agencies
  • 9 Feb 2024 23:49
3 Min Read

Crude recovered the majority of last week's losses after Israeli Prime Minister Benjamin Netanyahu rejected a Hamas ceasefire plan.

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  • A pump jack is seen operating as clouds cover a setting sun in Lubbock, Texas, Wednesday, Nov. 11, 2006 (AP Photo/Tony Gutierrez)
    A pump jack is seen operating as clouds cover a setting sun in Lubbock, Texas, Wednesday, Nov. 11, 2006 (AP Photo/Tony Gutierrez)

Oil prices rose more than 6% this week, nearly recouping last week's loss, as the potential of additional aggression in Gaza prompted traders to re-price geopolitical risk into a market depressed recently by promises of a ceasefire.

Suspect demand for oil from major customers such as China and India, along with record-high US supply, has kept global crude prices near $80 per barrel or lower for months. Major oil producers in the Saudi-led Organization of Petroleum Exporting Countries, or OPEC, aim for $100 per barrel or above.

While demand frequently determines the direction of petroleum prices, supply can also have an impact. In this situation, disruptions in crude shipments in the Red Sea due to Yemen's Ansar Allah can also increase prices.

In Friday trade in New York, the West Texas Intermediate (WTI) benchmark for US crude finished at $76.84 per barrel, up 62 cents, or 0.8%. It gained 6.3% this week, following a 7.4% dip the prior week. The so-called WTI had increased for the fifth day in succession, with Friday's high of $77.28 marking the highest since January 31.

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The London trade Brent, the global benchmark for crude, settled at $82.19 per barrel, up 56 cents, or 0.7%, on the day. For the week, Brent gained 6.3% versus the prior week’s loss of almost 7.5%. Its high on Friday was $82.45, also the highest since January 31.

Crude recovered the majority of last week's losses after Israeli Prime Minister Benjamin Netanyahu rejected a Hamas ceasefire plan. Israeli occupation forces continued their fatal air assaults on the Gaza Strip on Friday, following the shelling of Rafah on Thursday.

The Islamic Resistance Movement - Hamas submitted a response to a proposed ceasefire deal in which it maintained the necessity of "a comprehensive and complete ceasefire, ending the aggression against [the Palestinian people], securing relief, shelter, reconstruction (projects), lifting the siege on the Gaza Strip, and completing the process of a prisoner exchange [deal]."

In further detail, the statement explained that the response aims to achieve "a comprehensive and full ceasefire," a clause that was not included in the original proposal.

Hamas said that it did so following discussions on leadership levels within the movement and with other Palestinian Resistance factions. The statement added that the movement dealt "positively" with the initial proposal made in the Paris Document, which came as a result of a meeting of top intelligence officials from Egypt, Qatar, the United States, and France in Paris earlier in late January.

  • OPEC
  • war on Gaza
  • Palestine
  • Israel
  • Rafah
  • Israeli occupation
  • OPEC+
  • Gaza
  • Brent crude oil
  • west texas intermediate
  • Oil prices

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