Contact Members/Sign Up Reg Form

Oil Prices Surge Amid Gaza Truce Uncertainty Saudi Arabia Raises Prices

Photo : Reuters

On Monday, oil prices saw an uptick following Saudi Arabia's decision to raise crude prices for June and amid concerns over the possibility of a ceasefire in Gaza. Brent crude futures increased by 73 cents, reaching $83.69 per barrel at 0852 GMT, while U.S. West Texas Intermediate crude futures rose by 84 cents to $78.95 per barrel.

The rise in oil prices came as Saudi Arabia announced an increase in its official selling prices (OSPs) for crude sold to various regions, including Asia, Northwest Europe, and the Mediterranean. This move suggested expectations of robust demand during the summer months, which contributed to the positive sentiment in the oil market.

However, the prospect of a ceasefire in Gaza appeared slim, adding to geopolitical tensions. Despite ongoing talks, Hamas reiterated its demand for an end to the conflict before considering a ceasefire, while Israel signaled its readiness to launch a military operation in the Southern Gaza Strip. This uncertainty surrounding the situation in Gaza contributed to concerns about potential disruptions to oil supplies in the region, supporting oil prices.

Stay informed with the latest news. Follow DXB News Network on WhatsApp Channel

Moreover, market analysts noted that the geopolitical risk premium in oil prices had eased slightly as ceasefire negotiations continued. However, the risk of renewed tensions persisted, especially if ceasefire efforts were derailed.

In addition to geopolitical factors, oil prices were influenced by economic indicators. In China, the world's largest crude importer, the services sector continued to show expansionary activity for the 16th consecutive month. This positive economic data from China, coupled with rising business sentiment and growth in new orders, contributed to optimism about the global economic recovery and supported oil prices.

Overall, the combination of geopolitical tensions in the Middle East, expectations of strong demand indicated by Saudi Arabia's crude price hike, and positive economic indicators from China contributed to the upward movement in oil prices on Monday.

Please note that this summary is not intended to provide financial advice and is for informational purposes only.

May 6, 2024 5:10 p.m. 5488

#trending #latest #OilPrices #SaudiArabia #CrudeOil #GazaCeasefire #GeopoliticalTensions #EnergyMarket #OilDemand #ChinaEconomy #GlobalRecovery #BrentCrude #WTICrude #OilMarket #dnn #breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn

2024 Accessories Elevate Your Look with These Must-Haves

fashion / designer world
May 23, 2024 5:42 p.m. 355

Elevate your style with top accessories for 2024! Discover must-haves to enhance your look...Read More.

PM Shehbaz arrives Visits UAE

uae news / uae-national
May 23, 2024 4:06 p.m. 405

PM Shehbaz to hold talks with UAE President Sheikh Mohamed bin Zayed, focusing on bilateral relations during his visit....Read More.

2024 Accessories Elevate Your Look with These Must-Haves

Elevate your style with top accessories for 2024! Discover must-haves to enhance your look

PM Shehbaz arrives Visits UAE

PM Shehbaz to hold talks with UAE President Sheikh Mohamed bin Zayed, focusing on bilateral relations during his visit.

ECC to Approve $2.58m Compensation for Families of Chinese Workers Killed in Dasu Attack

A compensation of Rs2.5m is also proposed for a Pakistani national killed in the same attack.

Jeff Bezos beat Elon Musk, still trails Bernard Arnault in world's richest person list

Bezos and Musk engage in net worth fluctuations, sparking a battle for the top spot.

Sheikh Abdullah Joins Mourning for Iranian President

Sheikh Abdullah, UAE Foreign Minister, led delegation in participation.

Here are the main contenders in the UK elections, besides Rishi Sunak.

Mr. Sunak's unfulfilled pledges encompass reducing health waiting lists, halting irregular immigration, and relocating migrants to Rwanda.

Japanese Solo Climber Dies in Fall from North America's Tallest Peak

Rangers locate fallen climber at 17,000 feet using satellite communication data in investigation.

UAE President's State Visit to South Korea Begins May 28

His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, will embark on a state visit to South Korea starting on Tuesday, May 28th.

Macron Unprecedented Insurrection Erupts in New Caledonia

Macron labels rioting in New Caledonia as "unprecedented insurrection," catching everyone off guard.

Donald Trump Stuns Followers: Claims Authorized Shooting

Trump falsely alleges Biden sanctioned shooting him during Mar-a-Lago FBI raids.

Nahyan bin Mubarak Opens New Campus for Abu Dhabi's American School

Sheikh Nahyan bin Mubarak Al Nahyan, UAE Cabinet Member and Minister of Tolerance and Coexistence,

Sunita Williams' Starliner Space Launch Delayed to June

Teams aiming for launch on June 1 at 12:25 pm ET, with backup opportunities on June 2, 5, and 6.

Eggs for Health: Tips & Tricks for a Nutritious Diet!

In the realm of superfoods, the humble egg often gets overshadowed by trendy kale and exotic quinoa. However, eggs are making a strong comeback, reclaiming thei

UAE's Dengue Fever Campaign Eradicate 400+ Mosquitoes Sites

UAE Health Minister confirms 409 mosquito sites eradicated to halt dengue fever.

South Korea, China, Japan Leaders to Meet After 5 Years

South Korea, China, and Japan's leaders will meet in Seoul after a five-year gap, indicating a significant diplomatic development in East Asia.

Technology Institute Unveils Updated Falcon 2 11B AI Model

TII: Global research leader, driving innovation across diverse fields with applied science.

Zuckerberg From Executive Council for Meta's AI Products

Meta's new executive council reflects its push to revitalize AI initiatives, aiming to harness top-level expertise for innovation and growth in this pivotal are

UK Nurse Jailed 14 Years for Baby's Death by Bean Bag Strapping

Jurors were visibly moved, shedding tears as they viewed nursery CCTV footage capturing the heartbreaking tragedy in the baby room.

Get In Touch

3001E, 30 Floor, Aspin Commercial Tower, Sheikh Zayed Road, Dubai, UAE

+971 56 450 3476

info@dxbnewsnetwork.com

LAUNCH OF DNN
Follow Us

© DNN. All Rights Reserved.