Brent oil futures, having breached the $90 per barrel mark on Friday, remained relatively stable above this threshold on Monday, with investors closely monitoring the potential for the Israel-Hamas conflict to escalate involving other nations.

As of 0855 GMT, Brent futures saw a slight dip of 39 cents, equivalent to 0.43%, resting at $90.50 a barrel.

Meanwhile, U.S. West Texas Intermediate (WTI) crude recorded a decrease of 26 cents, or 0.3%, standing at $87.43 a barrel, Reuters reported.

In the previous week, both benchmark oil prices experienced substantial gains, with Friday alone witnessing an almost 6% surge.

Consequently, Brent rose by 7.5% for the week, while WTI increased by 5.9%.

These moves by investors reflected the heightened likelihood of a more extensive conflict in the Middle East.

Written by staff