Oil prices rise as Israel strikes Gaza again

Israel has launched a series of airstrikes on Gaza, resulting in the deaths of at least 220 people. Officials from both Israel and Gaza have confirmed these numbers. The strikes came after a ceasefire that began in mid-January broke down. Both parties failed to reach an agreement to extend it. The renewed violence has raised concerns about the conflict escalating further, particularly involving Iran. This situation has impacted oil prices, with Brent crude rising to $71.29 per barrel and West Texas Intermediate climbing to $67.78 per barrel. Israeli Prime Minister Benjamin Netanyahu stated that Israel will increase its military actions against Hamas. This decision comes in response to Hamas's refusal to release hostages and its rejection of proposals from U.S. officials. Hamas, meanwhile, criticized Israel's actions as treachery and is calling for mediation to restore the ceasefire. In addition to the conflict in the Middle East, U.S. military strikes in Yemen have also contributed to rising oil prices. This reflects the ongoing instability in a major oil-producing region. Furthermore, positive news from China, including measures to boost consumer demand and increasing refining activity, has also supported higher oil prices.