Oil Prices Rise Amid Fears Of Wider Middle East Conflict

Oil prices rose on Monday, paring last week's losses, amid fears of a wider conflict in the Middle East following a rocket attack on the Golan Heights. Brent crude futures rose 20 cents, or 0.3%, to $81.33 a barrel by 00:10 GMT. US West Texas Intermediate (WTI) crude futures rose 9 cents, or 0.1%, to $77.25 a barrel. Last week, Brent lost 1.8% while WTI fell 3.7% due to weak Chinese demand and hopes for a ceasefire agreement in Gaza. On Sunday, the Israeli Security Cabinet authorized the Israeli government to decide on the "method and timing" of responding to Saturday's rocket attack on the Golan Heights. This conflict has spread to several fronts and threatens to spread into a wider regional war. Source: National Iraqi News Agency