Oil climbs as Gaza tensions rise, Saudi Arabia hikes prices

Oil futures rose on Monday following an increase in June crude prices by Saudi Arabia for most regions. There are concerns that the Israel-Hamas conflict could escalate further in the important oil-producing region due to slim chances of a Gaza ceasefire agreement. Brent crude futures increased by 77 cents, or 0.9%, to reach $83.73 per barrel at 1055 GMT.