Oil Prices Rise After Israeli Attack Threatens Ceasefire Negotiations

Illustration of oil refineries (ANTARA)

JAKARTA - Oil prices on Wednesday announced an increase of US$1 after three children of a Hamas leader were killed in Israeli airstrikes in the Gaza Strip. The incident adds to concerns over ceasefire negotiations.

Reporting from ANTARA Thursday, April 11, Brent crude futures rose to US$ 1.06 or 1.2% to the US$ 90.48 per barrel level. For crude futures West Texas Intermediate (WTI) the US rose 98 cents, or 1.2%, to the US$86.21 level.

"Oil market is very in action against developments in Gaza," said partner at the Again Capital LLC in New York, John Kilduff.

ANTARA reported that the Israeli military had confirmed the attack and identified the three victims as members of Hamas.

This prolonged conflict has the potential to attract the involvement of other countries, particularly Iran, which is a supporter of Hamas and one of OPEC's third-largest oil producers.

On the other hand, Mexico's decision to limit its crude oil exports to meet domestic refineries' needs also boosted oil prices. This resulted in a decline in imports of Mexican crude oil to the United States (US) in early April 2024.