Oil prices ease as aid convoys arrive in embattled Gaza Strip
© Reuters. FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford//File Photo
For the past week, contracts rose more than 1% for a second consecutive weekly jump, on fear of potential supply disruption if the Israel-Hamas war grows into a wider confrontation in the Middle East, the world's biggest oil-supplying region. To ease supply pressure - already tight due to output cuts by the Organization of the Petroleum Exporting Countries and affiliates including Russia - the U.S. suspended sanctions on OPEC member Venezuela after a Venezuelan government deal with the opposition.
U.S. President Joe Biden, who visited Israel last week, on Sunday had calls with the leaders of Canada, France, Britain, Germany and Italy, after speaking with Israeli Prime Minister Benjamin Netanyahu and Pope Francis.
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