West Texas Intermediate (WTI) oil price rebounds after a two-day decline, edging up to nearly $86.30 per barrel during Tuesday's European trading session.
WTI prices gain ground on failure of ceasefire talks between Israel and Hamas in Egypt. Israeli Prime Minister Benjamin Netanyahu declared Israel's intention to proceed with its plans to invade the Rafah enclave in Gaza, refraining from specifying a date. Mexico's Pemex could reduce Crude exports by at least 330,000 bpd in May. West Texas Intermediate oil price rebounds after a two-day decline, edging up to nearly $86.30 per barrel during Tuesday's European trading session.
The ongoing conflict carries the heightened risk of drawing in other regional countries, notably Iran, a significant supporter of Hamas and the third-largest producer in the Organization of the Petroleum Exporting Countries . An Iranian retaliation to the suspected Israeli attack on its consulate in Syria last week could potentially embroil the oil market in the conflict. However, Israel has not officially claimed responsibility for the attack.
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WTI gains momentum above $86.00 amid ongoing Middle East geopolitical tensions, weaker US DollarWestern Texas Intermediate (WTI), the US crude oil benchmark, is trading around $86.25 on Tuesday.
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