Oil prices are set to post a weekly gain after hopes of a ceasefire between Israel and Hamas fizzled out.
After a weak start to the week, crude oil benchmarks appear set for a weekly gain after the news broke that Israel has rejected a ceasefire offer from Hamas. Israeli Prime Minister Benjamin Netanyahu said there was “no other solution than total victory,” which contributed to the bullish oil sentiment. According to Bloomberg, oil’s gains this week have offset almost all of the losses from last week, which were prompted by hopes for a ceasefire.
-led coalition in the country as U.S. forces strike Iran-linked groups on Iraqi territory. According to Baghdad government spokesman Yahya Rasool, the U.S. coalition 'has become a factor for instability and threatens to entangle Iraq in the cycle of conflict'.
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