After Saudi Arabia raised crude prices in June for most regions and while the prospects for a ceasefire agreement in Gaza seemed slim, reviving fears that the Israel-Hamas conflict could further expand in the key oil-producing region, the Oil prices soared at the start of the week

L US West Texas Intermediate crude futures were at $78.98 per barrel, up 87 cents, or 1.1%, while Brent crude futures were up 77 cents, or 0.9%, to $83.73 per barrel at 10:55am GMT. Both futures posted their biggest weekly loss in three months, with Brent falling by more than 7% and WTI by 6.8%, as investors weighed in on weak U.S. employment data and on the possible timeframe for a Federal Reserve interest rate cut.