Crude futures recover more of last week's losses as continued fighting between Russia and Ukraine keep alive expectations of greater U.S. sanctions and supply disruptions.
An Israeli air strike targeting the Hamas leadership in Qatar also raises geopolitical risk in the Middle East, Jorge Leon, Rystad's head of geopolitical analysis, says in a note. "Recent diplomatic initiatives led by the U.S. and Qatar have been dealt a major setback," he says. Much could depend on the response of Qatar, a close U.S. ally and Gulf Cooperation Council member, he adds.
"Any fallout could amplify tensions across the Gulf and beyond, underscoring just how precarious the situation has become."
WTI settles up 0.6% at $62.63 a barrel, and Brent rises 0.6% to $66.39 a barrel.
Source: Marketwatch
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