Oil price hiked in international market

Oil price has increased in the international market after Saudi Arabia had hiked June crude prices for most regions.

Brent crude futures gained 73 cents, or 0.9%, to $83.69 a barrel at 0852 GMT, while U.S. West Texas Intermediate crude futures were at $78.95 a barrel, up 84 cents, or 1.1%.

The prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil producing region.

Last week, both futures contracts posted their steepest weekly loss in three months with Brent falling more than 7% and WTI down 6.8%, as investors weighed weak U.S. jobs data and the possible timing of a Federal Reserve interest rate cut.

The geopolitical risk premium in oil prices also eased as talks for a Gaza ceasefire were underway.

However, prospects for a deal narrowed as Hamas reiterated its demand for an end to the war in exchange for the freeing of hostages and Israel appeared poised to launch a long-threatened assault in the Southern Gaza Strip.