Oil prices increased over potential supply disruptions from ongoing tensions in the Middle East, although a strong US dollar limited further gains.
The international benchmark crude Brent traded at $82.34 per barrel at 10.09 am local time (0709 GMT), a 0.41% increase from the closing price of $82 a barrel in the previous trading session on Monday.
The American benchmark, West Texas Intermediate (WTI), traded at the same time at $77.31 per barrel, up 0.50% from Monday's close of $76.92 per barrel.
As Egypt and Qatar’s efforts to mediate a ceasefire between Israel and Palestine continue, the Palestinian group Hamas said Monday that Israel's response to a framework agreement for a ceasefire in Gaza did not help reach a deal.
Netanyahu rejected Hamas's offer of a three-stage plan last week for a Gaza ceasefire that includes a 135-day pause in fighting in return for the release of hostages.
Further elevating the tension, US CENTCOM confirmed that Yemen's Houthis targeted a US ship in the Red Sea on Monday. Houthis had previously announced directly hitting the vessels with “appropriate naval missiles.”
- Key data in focus
Investors are now awaiting key inflation data in the US due later on Tuesday as well as forecasts by the American Petroleum Institute (API) on crude inventories to assess the demand situation in the world’s largest oil-consuming country. The OPEC group’s oil market report is also expected to offer investors insight on global supply and demand.
Capping further gains, the value of the US dollar increased on Tuesday over uncertainties ahead of the publication of US inflation data.
An increase in the value of the greenback is discouraging oil-importing countries from purchasing more crude oil at higher dollar prices.
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr