Middle East Tensions Drive Oil Prices Higher
Crude oil prices rose for the fourth consecutive day after the U.S. killed a militant commander in Iraq and Israel rejected a ceasefire proposal by Hamas. The West Texas Intermediate futures contract added 86 cents to trade at $74.73 a barrel, while the Brent contract for April gained 94 cents to trade at $80.15 a barrel. The Middle East is on the brink of another round of violent escalation as U.S. Secretary of State Antony Blinken seeks a humanitarian pause in Gaza, while Israel's Prime Minister Benjamin Netanyahu vows to press on for "total victory."