Oil Slips as US Diplomacy in Middle East, Venezuela Calms Market
- US Secretary of State Antony Blinken returns to Israel Monday
- WTI oil futures slide after rallying about $5 last week
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Oil edged lower as the US stepped up diplomatic efforts to stop the Israel-Hamas conflict from spreading and neared a deal to increase crude exports from Venezuela. Still, Israel’s expected ground offensive into the Gaza Strip is keeping markets on edge.
US officials have rushed to speak with Middle Eastern nations — including Iran, which supports Hamas — to contain the fighting. At the same time, Venezuela is closing in on a deal that would see the US ease sanctions on its oil industry in exchange for a freer presidential election next year, potentially adding supplies to a tight market. West Texas Intermediate futures fell below $87 a barrel on Monday after surging almost $5 last week.