Crude oil futures edged higher and stabilized on Monday (May 6), as investors were uncertain about whether the ceasefire in Gaza would be approved.

At the close of trading on May 6, WTI crude futures gained 37 cents (or 0.47%) to $78.48 per barrel. Brent crude futures rose 37 cents (or 0.45%) to $83.33 per barrel.

Ismail Haniyeh, the head of Hamas' political office, stated that the militant group had informed Egypt and Qatar of its acceptance of their ceasefire proposal. Israel has yet to make an official statement on the matter.

However, an Israeli official told Reuters that Hamas had accepted a softer proposal from Egypt, which Israel had not agreed to.

Meanwhile, another Israeli official told NBC News that the proposal accepted by Hamas was not the framework agreed upon by the mediators. The official stated that Israel is reviewing the proposal and will respond.

Tensions in the Middle East have flared up again after the Israeli Defense Forces ordered around 100,000 Palestinians to leave the city of Rafah in southern Gaza. Efforts to advance a ceasefire between Israel and Hamas have stalled once more as both sides accuse each other of undermining an agreement.

Saudi Arabia has raised the price of crude oil exports to Asia for the third consecutive month, according to pricing data reviewed by Bloomberg News. The price increase indicates that Riyadh expects strong demand ahead.

Source: Vietstock