Oil futures soared on Monday following Sadi Arabia’s decision of raising crude prices for the majority of the regions as chances of soon ceasefire in Gaza seems to be weak, resurfacing worries of escalated tension between Israel and Hamas, the major oil-suppling region.

Brent crude climbed by 0.9% to $83.73 per barrel, while US WTI added 1.1% to $78.98 per barrel.

The earlier week, both futures contracts hit their sharpest dips in three consecutive months, with Brent slumping over 7% and WTI dropped 6.8%, as investors considered dismal US job figures and the predicted schedule of interest rate trim by Fed.

A retreat in geopolitical risk premium in oil prices was seen amid the ongoing negotiations of ceasefire in Gaza.

But, projections for a truce almost diminished as in exchange for the release of prisoners, Hamas reaffirmed its demand to halt the war, and Israel seemed ready to carry out the long-promised attack in the southern Gaza Strip.

Oil prices were bolstered by Saudi’s decision of spiking the OSPs for its crude oil supplied to major areas in June, hinting for solid demand during the summer period.