WASHINGTON (dpa-AFX) - Oil prices turned higher on Tuesday amid simmering tensions in the Middle East and persistent supply concerns.
Benchmark Brent crude futures rose 0.3 percent to $90.67 a barrel, after falling for the first time in five sessions on Monday amid hopes for a potential easing of hostilities.
Likewise, WTI crude futures were up 0.3 percent at $86.69, after having fallen for the first time in seven sessions the previous day.
Concerns about supply were back in focus after Hamas rejected Israel's latest ceasefire proposal made at talks in Cairo.
'There is no change in the position of the occupation [Israel] and therefore, there is nothing new in the Cairo talks,' and that 'there is no progress yet,' media reports quoted an unnamed Hamas official as saying.
'We have seen them reject a number of proposals before that we have thought would deliver incredible benefits to the Palestinian people that they claim to represent,' a U.S. State Department spokesman said.
Meanwhile, Benjamin Netanyahu said Israel had set a date for a ground offensive in Rafah - which he has long been warned against.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX