Despite intensifying tensions in the Middle East, oil prices remained relatively stagnant Monday, exhibiting minimal movement after a week that saw a significant 6% rally. The West Texas Intermediate (WTI) contract for March had a marginal increase of just 1 cent, reaching $76.85 a barrel, while the Brent contract for April dropped slightly to $81.96 a barrel, down 23 cents or 0.28%.
Last week's rise in prices followed Israel's rejection of Hamas' ceasefire proposal and its commitment to continue the attacks, particularly targeting the southern city of Rafah along the border with Egypt. Israeli Prime Minister Benjamin Netanyahu confirmed the nation's determination to confront Hamas in Rafah, dismissing advice not to enter the city.
