Oil prices surge amid Gaza ceasefire talks complications and tensions in West Asia
Global oil prices experienced a notable uptick on Friday, poised to conclude the week with a modest increase, as ceasefire talks in Gaza faced complications following the deaths of over 100 Palestinians awaiting aid delivery.
Brent futures for April delivery climbed by 29 cents, reaching $82.20 a barrel, while US West Texas Intermediate (WTI) rose 22 cents to $78.48.
WTI is anticipated to see a 4 per cent weekly surge, with Brent maintaining proximity to last week’s settlement price.
Despite West Asia conflict’s limited impact on crude flows, concerns surrounding the situation continue to influence the energy market.
President Joe Biden expressed concern over reports of Israeli troops firing on people awaiting food aid in Gaza, stating that the incident could complicate ceasefire talks. Israel, in response, attributed the deaths to crowds around the aid trucks, suggesting victims were trampled or run over.
Even before this incident, talks between Israel and Hamas in Qatar displayed a gap, with no breakthrough reported by Qatari mediators.
The unresolved issues further complicate the negotiation of a 40-day truce in the Gaza war.
