Oil prices steady on possible new Gaza cease-fire talks

By Firdevs Yuksel

ANKARA (AA) - Oil prices held steady on Friday with the possibility of a new round of Gaza cease-fire negotiations and despite supply concerns in the region triggered by Israel's potential retaliation against Iran.

The international oil benchmark of Brent crude rose 0.05% to $74.31 per barrel at 10.34 am local time (0734 GMT), up from the previous session's close of $74.27.

The US benchmark West Texas Intermediate increased by 0.08% to $70.35 per barrel, compared to $70.29 at the prior session's close.

Israel's public broadcaster KAN claimed Wednesday that Israel is on the verge of attacking Iran, despite US pressure to ease the offensive.

Oil traders are now waiting for Israel's response to Iran's ballistic missile attack that may involve hitting Tehran's oil infrastructure, although reports said Israel would only strike Iranian military targets.

Meanwhile, traders continued to pare back geopolitical risk premiums amid the Gaza cease-fire talks following Qatar's announcement of hosting a new round of negotiations.

"Two US and Israeli delegations will visit Doha to discuss ways to make a breakthrough in the Gaza cease-fire negotiations," Qatari Prime Minister Mohammed bin Abdelrahman Al Thani said on Thursday at a joint press conference with US Secretary of State Antony Blinken.

Blinken, for his part, said Gaza cease-fire talks are expected to resume in the coming days.

Israeli Prime Minister Benjamin Netanyahu approved the Israeli negotiating delegation that will travel to Qatar on Sunday to discuss the possibility of progressing Gaza negotiations.

On the demand side, investors are eyeing more clarity on the oil demand outlook in the world's largest oil consumers, the US and China.