Oil prices saw a slight uptick as Israel-Hamas negotiations hinted at a potential ceasefire amidst ongoing Red Sea incidents. Investors remained attentive to U.S. interest rate signals ahead of an upcoming meeting.
In London, Brent crude futures for June inched up 26 cents to $88.67 a barrel, while July contracts rose 38 cents to $87.58. U.S. West Texas Intermediate crude futures climbed 34 cents to $82.97 a barrel.
Though initial optimism over Israel-Hamas talks initially pushed prices down, concerns lingered over lower refinery demand and increased inventory levels.
Continued attacks by Yemen’s Houthis and anticipation of Fed decisions further impacted market sentiments, with some investors anticipating potential interest rate hikes.
