Oil prices are on the rise, with Brent crude surpassing $81 per barrel, as Middle East tensions escalate following Israel's rejection of a ceasefire offer and subsequent bombing of a southern Gaza city. The market is also reacting to the strength in refined products, with gas oil, RBOB gasoline, and ULSD each trading up around 9% over the week, while Brent and WTI crude have both posted a +5% gain. In the U.S., despite a rise in oil supplies, gasoline stockpiles have seen a decline, and crude oil futures have extended gains, with U.S. crude up by $1 a barrel. The Friday settlement for diesel futures was the highest since November 2, influenced by factors including a weaker dollar, Middle East fears, tight inventories, and a significant outage at the BP Whiting refinery.
Oil settles up, notches weekly gain on tight supply, Middle East conflict https://t.co/pvBtVRJHHH https://t.co/AtbsMNqjCn
We haven't seen a one-week #diesel futures chart like this in a long time. Lots of causes: weaker dollar, more Mideast fears, tight inventories (big draw in the US), outage at huge BP Whiting refinery. End result is that the Friday settlement was the highest since November 2. https://t.co/nraNCi1MCm
OIL FUTURES EXTEND GAINS, U.S. CRUDE UP BY $1 A BARREL but... but... ceasefire
Oil to post weekly gain as Israel bombs southern Gaza city after rejecting Hamas ceasefire offer https://t.co/LDWXsrdqxt
Commodity weekly focusing on recent developments impacting the prices of #crudeoil and #natgas, #platinum and #palladium, as well as #gold, #cocoa, #grains & #uranium https://t.co/T3tKs9S38I via @saxobank
Oil prices steady, on pace for weekly gains amid escalating Middle East tensions https://t.co/hoiDnE5plF
Oil heads for weekly gain as Middle East conflict rages unabated - Reuters https://t.co/Q5i2F0TsgR
Refined product strength underpinning #crudeoil's latest breakout attempt with heightened Middle East tensions also receiving some attention. Gas oil, RBOB #gasoline and ULSD all trade up around 9% on the week while Brent and WTI have added around 5% #oott https://t.co/jWEd7hC8YY
Refined product strength underpinning #crudeoil's latest breakout attempt with "heightened Middle East tensions" the chosen media narrative. Gas oil, RBOB and ULSD all trade up around 9% on the week while Brent and WTI have managed a +5% gain #oott https://t.co/ygnvzf31rG
⚠️ OIL PRICES HEADED FOR WEEKLY GAINS AS ISRAEL REJECTS CEASEFIRE OFFER Full Story → https://t.co/eGO2ilOP4n https://t.co/CAF9ySBSFc
Oil prices jump 2% amid rising Middle East tensions, easing oversupply worries https://t.co/XmdBN9yP80 by @ines_ferre
Oil futures: Brent tops $81/b as Gaza ceasefire talks falter https://t.co/39ZFBhoiJ4
Oil prices post modest gain as U.S. oil supplies rise, gasoline stockpiles decline https://t.co/diupjY7ywa