Oil prices are rising 6 percent in a week

Oil prices are rising 6 percent in a week


Oil prices were poised for a weekly gain of six percent amid ongoing tensions in the Middle East, as Israel rejected a ceasefire offer from Hamas.


Brent crude futures rose 0.4 percent to $81.98 a barrel, while US West Texas Intermediate crude futures increased by 0.5 percent to $76.63 a barrel.


 The fifth consecutive day of gains was fueled by Israeli Prime Minister Benjamin Netanyahu's dismissal of a Hamas ceasefire proposal. Continued Israeli airstrikes on the Gaza Strip added to market concerns, pushing oil prices up around 3 percent.


The situation, coupled with refining outages affecting gasoline and diesel prices, contributed to the strength in crude futures. Gasoline futures rose 9.1 percent to $2.33 per gallon, and heating oil futures increased by 11.3 percent to $2.94 per gallon.