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Oil consolidates gains amid concerns of worsening Middle East crisis

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Oil consolidates gains amid concerns of worsening Middle East crisis

Oil prices remained stable during early Asian trading on Thursday, following a $1 increase per barrel in the previous session. Investors are preparing for a potential escalation of the Middle East crisis, which could involve Iran, the third-largest oil producer in OPEC.

Brent crude futures edged up by 4 cents to reach $90.52 per barrel by 0047 GMT, while U.S. West Texas Intermediate crude futures saw a 2-cent increase to $86.24 per barrel.

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Both contracts experienced a more than 1% increase in the prior session following an Israeli airstrike in Gaza that resulted in the deaths of three sons of a Hamas leader. This incident raised concerns that ceasefire negotiations between Israel and Hamas could falter. Although ceasefire talks began earlier this week in the ongoing Gaza conflict, no agreement has been reached so far.

Additionally, the region is on high alert for potential retaliation from Iran following a suspected Israeli air strike on Iran’s embassy in Syria earlier this month. A Bloomberg report on Wednesday suggested that the U.S. and its allies anticipate imminent major missile or drone strikes by Iran or its proxies against Israel.

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U.S. Secretary of State Antony Blinken reassured Israeli Defense Minister Yoav Gallant on Wednesday that the United States stands with Israel against any threats posed by Iran, according to a statement from the U.S. State Department.

“The market has become increasingly concerned that the Israel-Hamas war could escalate across the Middle East, putting oil supply at risk,” ANZ analyst Daniel Hynes said.

Oil traders will also be looking out for a monthly oil market report from the OPEC due to be published later on Thursday, and the International Energy Agency’s oil market report due on Friday.

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