Despite paring some early gains, oil futures settled modestly higher on Monday with geopolitical tensions, and Saudi Arabia's decision to hike its selling price for the European and Asian markets supporting the upmove.
Expectations that a ceasefire agreement between Israel and Hamas could be in sight have grown following a renewed push led by Egypt, even as Israeli Prime Minister Benjamin Netanyahu has vowed to go ahead with a long-promised assault on Rafah
Brent crude futures for June, which expire on Tuesday, were up 26 cents, or 0.3%, to $88.67 a barrel at 1101 GMT. The more active July contract rose 38 cents, or 0.4%, to $87.58 per barrel.
Brent crude futures for June, which expire on Tuesday, were down by 51 cents, or 0.6%, to $88.99 a barrel by 0950 GMT. The more active July contract fell 27 cents, or 0.3%, to $87.94 a barrel
Oil Prices: U.S. economic growth slowed more than expected in the first quarter, but an acceleration in inflation suggested that the Federal Reserve would not cut interest rates before September.