Crude oil futures rose after three straight weeks of declines as the market shrugged off President Trump's announcement of tariffs on steel and aluminum imports to the U.S., while the dispute between Israel and Hamas over their cease-fire agreement revived some of the geopolitical risk premium that had recently been lost from the market.
Israel's statement that Hamas violated the cease-fire by delaying the next planned hostage release added to the rally, said Robert Yawger of Mizuho. He noted that the rally came amid a build in U.S. crude stockpiles as refineries slowed for maintenance, "typically the slowest time of year for energy demand."
WTI closed up 1.9% at $72.32 a barrel, and Brent rose 1.6% to $75.87.(Newsmaker23)
Source: Dow Jones Newswires
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