Brent tops $83 a barrel as oil prices rise

Crude oil prices rose on Monday after Saudi Arabia raised crude prices in June and hopes for a cease-fire in Gaza faded. At 1345 GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.49 (+0.59 percent) to settle at $83.45 a barrel. Similarly, West Texas Intermediate (WTI), North America’s main oil benchmark, rose $0.54 (+0.69 percent) to $78.65 a barrel. On the other hand, the price of Arab Light fell by $1.21 (-1.40 percent) to $85.44 per barrel. Similarly, Russian sokol fell $1.24 (-1.58 percent) to $77.23 a barrel. On the other hand, the price for the Opec Basket fell by $2.94 (-3.37 percent) to $84.23 per barrel.

Brent crude has fallen about 8 percent since hitting a six-month high of $91.17 a barrel in April as the fallout from Iran’s attack on Israel remained limited. Meanwhile, Turkey has confirmed it will halt all trade with Israel until the country improves the flow of aid to Gaza. Officials said the break went into effect Thursday. Prospects for a deal faded as Hamas reiterated its demand for an end to the war in exchange for the release of hostages, and Israel appeared poised to launch a long-threatened attack on the southern Gaza Strip. On Monday, the Israeli military asked Palestinian civilians to evacuate Rafah as part of a “limited action” operation.