<p>Beijing: Oil prices stabilised in early Asian trading on Monday after sharp falls last week, amid continued attempts to reach a ceasefire in the Israel-Palestinian conflict even as the US planned new strikes on Iran-backed groups.</p>.<p>Brent crude futures inched up 8 cents to $77.41 a barrel by 0131 GMT, while US West Texas Intermediate futures were flat at $72.28 a barrel.</p>.<p>Both benchmarks ended last week down about 7 per cent. They fell 2 per cent on Friday after stronger-than-expected US jobs data suggested interest rate cuts could be further out than expected, and on progress in ceasefire negotiations between Israel and Hamas.</p>.27,365 Palestinians killed in Israeli strikes since October 7: Gaza health ministry.<p>However, investors remained wary of any escalation in the Middle East conflict, after the US signaled further strikes on Iran-backed groups in the Middle East in response to a deadly attack on US troops in Jordan.</p>.<p>The US also continued its campaign against the Iran-backed Houthis in Yemen, with 36 strikes on Saturday against the groups whose attacks on shipping vessels have disrupted global oil trading routes, although supply has been largely unaffected.</p>.<p>"Given the US military strikes avoid directly attacking Iran, we think the Israel-Hamas ceasefire talks will have the more dominant effect - thereby reducing Middle-East tensions," said Commonwealth Bank commodities analyst Vivek Dhar.</p>.<p>"Oil markets will likely respond by continuing to discount supply disruption risks in the Middle East," he said in a client note on Monday, adding that would likely keep Brent futures below $80 a barrel.</p>.<p>On Friday, the US Department of Justice announced sanctions-evasion charges and seizures linked to an oil trafficking network that it says finances Iran's Islamic Revolutionary Guard Corps.</p>.<p>It seized more than 520,000 barrels of sanctioned Iranian oil aboard the crude tanker Abyss, which had been anchored in the Yellow Sea en route to China.</p>.<p>Iran exported between 1.2 million and 1.6 million barrels per day of crude oil through most of 2023, representing 1 per cent-1.5 per cent of global oil supply.</p>
<p>Beijing: Oil prices stabilised in early Asian trading on Monday after sharp falls last week, amid continued attempts to reach a ceasefire in the Israel-Palestinian conflict even as the US planned new strikes on Iran-backed groups.</p>.<p>Brent crude futures inched up 8 cents to $77.41 a barrel by 0131 GMT, while US West Texas Intermediate futures were flat at $72.28 a barrel.</p>.<p>Both benchmarks ended last week down about 7 per cent. They fell 2 per cent on Friday after stronger-than-expected US jobs data suggested interest rate cuts could be further out than expected, and on progress in ceasefire negotiations between Israel and Hamas.</p>.27,365 Palestinians killed in Israeli strikes since October 7: Gaza health ministry.<p>However, investors remained wary of any escalation in the Middle East conflict, after the US signaled further strikes on Iran-backed groups in the Middle East in response to a deadly attack on US troops in Jordan.</p>.<p>The US also continued its campaign against the Iran-backed Houthis in Yemen, with 36 strikes on Saturday against the groups whose attacks on shipping vessels have disrupted global oil trading routes, although supply has been largely unaffected.</p>.<p>"Given the US military strikes avoid directly attacking Iran, we think the Israel-Hamas ceasefire talks will have the more dominant effect - thereby reducing Middle-East tensions," said Commonwealth Bank commodities analyst Vivek Dhar.</p>.<p>"Oil markets will likely respond by continuing to discount supply disruption risks in the Middle East," he said in a client note on Monday, adding that would likely keep Brent futures below $80 a barrel.</p>.<p>On Friday, the US Department of Justice announced sanctions-evasion charges and seizures linked to an oil trafficking network that it says finances Iran's Islamic Revolutionary Guard Corps.</p>.<p>It seized more than 520,000 barrels of sanctioned Iranian oil aboard the crude tanker Abyss, which had been anchored in the Yellow Sea en route to China.</p>.<p>Iran exported between 1.2 million and 1.6 million barrels per day of crude oil through most of 2023, representing 1 per cent-1.5 per cent of global oil supply.</p>