Oil rises amid escalating Middle East tensions

Oil prices closed trading on Monday in an upward direction, supported by the escalating tensions in the Middle East after the launch of Israeli military operations in southern Gaza, which threatens a humanitarian catastrophe that the United Nations and other human rights organizations have warned of.

Oil futures rose to $78.62 per barrel, compared to the last daily close, which recorded $77.93 per barrel. WTI oil futures fell to their lowest level on the first trading day of the new week at $79.05, compared to the lowest level of $77.94.

Egyptian media reported that an exchange of fire took place near the Rafah crossing from the Palestinian side.

Eyewitnesses reported skirmishes and exchanges of fire between Palestinian factions and Israeli soldiers.

On Monday evening, the Israeli army called on residents of areas east of Palestinian Rafah, in the far south of Gaza, to “immediately evacuate” and head towards the center of the Strip, while threatening to launch a ground attack on the densely populated city.