Brent crude surges amid fading hopes for Israel-Hamas ceasefire

Brent crude futures surged by 40 cents to $90.78 per barrel during early Asian trading, reflecting heightened tensions in the Middle East as hopes for ceasefire negotiations between Israel and Hamas faded.

The increase in oil prices comes amid the suspension of talks between the two parties in Cairo, putting an end to a multi-session rally observed on Monday.

Israeli Prime Minister Benjamin Netanyahu announced plans for an incursion into the Rafah enclave in Gaza, further exacerbating geopolitical concerns.

Additionally, Hamas rejected Israel’s latest ceasefire proposal during the talks.

The fluctuation in oil prices underscores the ongoing uncertainty in the region, with geopolitical factors continuing to impact global markets.

Furthermore, projections of reduced oil supplies and disruptions in Russian fuel production have contributed to the recent surge in crude prices.