Oil prices rose on Thursday after Israel rejected a ceasefire offer from Hamas, as talks continued to try to end the Gaza conflict and wider Middle East tensions that have kept the market on edge since October. Signs of solid U.S. fuel demand also bolstered the market’s upward trend this week.
Brent crude futures were up 22 cents, or 0.28%, at $79.43 a barrel at 0132 GMT. U.S. West Texas Intermediate crude futures rose 19 cents, or 0.26% to $74.05 a barrel. Israeli Prime Minister Benjamin Netanyahu rejected Hamas’ latest offer for a ceasefire and return of hostages held in the Gaza Strip, but U.S. Secretary of State Antony Blinken said there was still room for negotiation toward an agreement.
