2023.10.1609:33:00UTC+00Oil Prices Marginally Lower After Friday's Surge

Oil prices were slightly lower on Monday after climbing nearly 6 percent on Friday amid fears that the Israel-Hamas war could spark a wider conflict in the oil-rich region and disrupt supplies from the Middle East.

Benchmark Brent crude futures slipped 0.3 percent to $90.58 a barrel as the dollar remained elevated on safe-haven bids. WTI crude futures were down 0.2 percent at $86.17.

Investors assessed the risk of any potential escalation of the conflict involving Iran ahead of an expected Israel ground offensive in Gaza against the terror attacks.

Iran warned on Saturday that failure to stop Israel's "war crimes and genocide" could have "far-reaching consequences."

U.S. Secretary of State Antony Blinken today said Washington is "actively working" to ensure that humanitarian assistance can get into Gaza as the Hamas-Israel conflict continued for the 10th consecutive day.

The U.S. and its allies are ratcheting up efforts to prevent the war between Israel and Hamas from engulfing the wider region.