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International benchmarks for crude oil rebounded on Monday, 5 February 2024 on the concerns over the geopolitical tension, both in the Middle East and in Russia. In fact, efforts to facilitate a ceasefire negotiation between Israel and Hamas are still ongoing, though investors are not confident that the tension in the oil-producing region will be resolved anytime soon. On the other hand, Ukraine reportedly launched two attacks at Russia’s largest oil refinery over the weekend, further threatening the country’s exports of naphtha.

Brent gained 66 cents or 0.9% to close at $77.99/barrel.

WTI settled 50 cents higher, at $72.78/barrel.