Money Control
Oil prices eased on Monday as aid convoys started to arrive in the Gaza Strip over the weekend amid diplomatic efforts to contain a conflict between Israel and the Palestinian Islamist group Hamas from spreading to the wider oil-rich region.
Brent crude futures fell 77 cents to $91.39 a barrel, which is a fall of 0.81%, as of 8:20 am IST.
For the past week, contracts rose more than 1% for a second consecutive weekly jump, on fear of potential supply disruption if the Israel-Hamas war grows into a wider confrontation in the Middle East, the world’s biggest oil-supplying region.
“Israel agreed to hold off its attack on Hamas following pressure from the U.S.,” ANZ Research said in a client note. “This eased concerns that the Israel-Hamas war would spread across the Middle East and disrupt supplies.”
