Oil prices rose slightly in early Asian trading on Monday after sharp declines last week, amid continued attempts to reach a ceasefire agreement in the Gaza Strip, although the United States intends to launch more attacks on groups supported by Iran.
Price action
By 0342 GMT, Brent crude futures rose 24 cents, about 0.3 percent, to $77.57 per barrel, and West Texas Intermediate crude futures increased by 11 cents, or 0.15 percent, to $72.28 per barrel.
The two contracts ended last week's transactions at a decline of about seven percent. They fell by 2 percent on Friday after stronger-than-expected US jobs data indicated that the interest rate cut may be further than expected, in addition to progress in ceasefire negotiations between Israel and the Palestinian Hamas movement.
However, investors are still concerned about an escalation in the conflict in the Middle East, after the United States indicated that it would launch more attacks on Iranian-backed groups in the Middle East in response to an attack that killed three American soldiers in Jordan.
The United States also continued its campaign against the Houthis in Yemen and carried out 36 strikes on Saturday on targets belonging to the group, whose attacks on commercial ships caused disruption to global oil trade routes, although supplies were largely unaffected.
