2023.10.1619:21:00UTC+00Oil Futures Settle Lower As Geopolitical Concerns Weigh

Crude oil prices fell on Monday, retreating after rising sharply in the previous session, amid fears the ongoing Israel-Hamas war might fuel a wider conflict in the Middle East.

Expectations that oil supply situation will improve if US sanctions on Venezuela could ease in the event of Caraca agreeing to an election date.

West Texas Intermediate Crude oil futures for November ended down $1.03 or about 1.2% at $86.66 a barrel.

Brent crude futures settled at $89.65 per pound, down $1.24 or about 1.4% from the previous close.

Concerns about the situation in the Middle East weigh as Inflation is reportedly preparing ground offensive in Gaza.

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.