Live updates: Follow the latest news on Israel-Gaza
Oil posted a weekly gain as Middle East tensions continue after Israel rejected a ceasefire proposal from Hamas, dealing another blow to efforts to end the four-month-long war.
Brent, the benchmark for two thirds of the world’s oil, rose 0.69 per cent to close at $82.19 a barrel.
West Texas Intermediate, the gauge that tracks US crude, surged 0.81 per cent to settle at $76.84 a barrel.
The Israel-Gaza war, which has entered its fifth month, has kept oil prices elevated.
Brent and WTI benchmarks surged on Thursday, settling around 3 per cent higher, rising above the $80 and $75 levels, respectively, for the first time this month.
High oil prices have been the result of "diminishing prospects of a ceasefire in the Israel-Gaza war", Han Tan, chief market analyst at Exinity Group, told The National.
"Markets have been prompted recently to restore geopolitical risk premiums into oil benchmarks amid still-persistent supply-side risks," he said.
"Oil prices are set to remain sensitive to the fluid developments surrounding the ongoing tensions in the Middle East, set against the broader context of global supply-demand dynamics."
Despite intense US and international efforts to bring about a truce, Israeli Prime Minister Benjamin Netanyahu appeared to dismiss such talk on Wednesday and vowed his country's military would keep fighting Hamas in an attempt to achieve “absolute victory”.
On Thursday, US President Joe Biden aimed some of his most direct criticism at Israel since it invaded the Gaza Strip in October, saying the actions of its military have been “over the top”.
Mr Biden also said he was working “tirelessly” to push for a deal that would lead to a “sustained pause” in the fighting.
Investors are also monitoring events related to the conflict, particularly Houthi attacks on ships in the Red Sea, said Rania Gule, a market analyst at XS.com.
"This cautious market movement is expected in the short term," she said.
In addition, crude oil futures may receive "positive support" if the Federal Reserve decides to lower interest rates this year, should the US economy meet expectations, Ms Gule said.
The US central bank held its interest rates steady on January 31, while also affirming they will remain elevated until the central bank is confident inflation is moving closer to its 2 per cent goal.
It also asked for patience, warning that cutting rates too soon could undo much of the progress they have made on taming inflation.
"I believe there is confusion in the markets due to conflicting signals from the Federal Reserve, causing markets to now await monetary easing for a prolonged period, heightening risk in the market," Ms Gule said.
Meanwhile, US crude stocks, an indicator of fuel demand, increased by 5.5 million barrels last week, according to the US Energy Information Administration.
However, distillate stocks fell by 3.2 million barrels and petroleum stocks dropped by 3.15 million barrels in the week that ended on February 2, EIA data showed.
Analysts were expecting distillate inventories to fall by a million barrels and gasoline stocks to increase by 140,000 barrels, according to Reuters.
Opec+, on the other hand, decided to keep its oil output policy unchanged at its meeting on February 1 but said it would “continue to closely assess market conditions” and stand ready “to take additional measures at any time”.
The group has 2.2 million barrels per day of voluntary production cuts in place until next month, which is in addition to production cuts of 3.66 million bpd agreed on earlier.
Swiss lender UBS expects Opec+ to extend the voluntary cuts to the middle of the year.
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
FA Cup quarter-final draw
The matches will be played across the weekend of 21 and 22 March
Sheffield United v Arsenal
Newcastle v Manchester City
Norwich v Derby/Manchester United
Leicester City v Chelsea
Killing of Qassem Suleimani
Red Joan
Director: Trevor Nunn
Starring: Judi Dench, Sophie Cookson, Tereza Srbova
Rating: 3/5 stars
Zayed Sustainability Prize
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
More from Mohammed Alardhi
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
2018 ICC World Twenty20 Asian Western Regional Qualifier
Saturday results
Qatar beat Kuwait by 26 runs
Bahrain beat Maldives by six wickets
UAE beat Saudi Arabia by seven wickets
Monday fixtures
Maldives v Qatar
Saudi Arabia v Kuwait
Bahrain v UAE
* The top three teams progress to the Asia Qualifier
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
More from Rashmee Roshan Lall
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
UAE currency: the story behind the money in your pockets
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
Killing of Qassem Suleimani
