Oil Advances as Trump’s Deadline for Hamas Revs Up Risk Premium

Oil climbed as US President Donald Trump warned Hamas of stark consequences if it doesn’t agree to his plan to end the war in Gaza. The comments overshadowed an impending OPEC+ decision on crude supplies.

West Texas Intermediate futures rose 0.7% to settle near $61 a barrel, but were down 7.4% for the week. Trump set a Sunday evening deadline for Hamas to accept his proposal. The president earlier said Israel would have his “full backing” to destroy Hamas, which has been designated a terrorist organization by the US and EU, if it rejects the deal.