Oil Prices Rise as Gaza Deaths Complicate Ceasefire Talks

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
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Oil Prices Rise as Gaza Deaths Complicate Ceasefire Talks

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant

Oil prices rose on Friday and were set to end the week modestly higher as talks over a potential ceasefire in Gaza were further complicated by the deaths of more than 100 Palestinians waiting for an aid delivery.
Brent futures for May rose 29 cents, or 0.4%, to $82.20 a barrel by 0118 GMT, while US West Texas Intermediate (WTI) rose 22 cents, or 0.3%, to $78.48, Reuters said.
WTI is on track for a 4% increase this week, while Brent is holding near last week's settlement price. Brent has hovered comfortably above the $80 mark for three weeks, with the Middle East conflict having only a modest impact on crude flows from attacks on shipping traffic in the Red Sea.
President Joe Biden said the US was checking reports of Israeli troops firing on people waiting for food aid in Gaza, saying he believed the deadly incident would complicate talks of a ceasefire. Israel has blamed the deaths on crowds surrounding the aid trucks, saying victims were trampled or run over.
Even before Thursday's incident, Israel and Hamas had said there was a big gulf between them in the talks in Qatar to hammer out details of a 40-day truce in the Gaza war. Qatari mediators have said there has been no breakthrough and the most contentious issues remain unresolved.
In other news, China's manufacturing activity in February contracted for a fifth straight month, an official factory survey showed on Friday, raising pressure on Beijing policymakers to roll out further stimulus measures as factory owners struggle for orders.
Also, the US Federal Reserve's preferred inflation gauge, the US personal consumption expenditures (PCE) index, showed January inflation in line with economists' expectations, keeping a June interest rate cut on the table.
On the supply side, a Reuters survey showed the Organization of the Petroleum Exporting Countries (OPEC) pumped 26.42 million barrels per day (bpd) this month, up 90,000 bpd from January. Libyan output rose month-on-month by 150,000 bpd.
A Reuters survey of 40 economists and analysts forecast an average price of $81.13 a barrel for the front-month contract this year.



‘Saudia’ Expands Flight Network with Over 10 New Destinations in 2025

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)
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‘Saudia’ Expands Flight Network with Over 10 New Destinations in 2025

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. (Reuters)

Saudi Airlines (Saudia) has announced the addition of more than ten new destinations to its flight network for 2025, including Vienna, Venice, Larnaca, Athens, Heraklion , Nice, Malacca, Bali, Antalya, El Alamein, and Salalah. The expansion comes in response to increased international travel demand, with a 16% growth in passenger transport last year, according to SPA.
Saudia Group's General Manager, Eng. Ibrahim bin Abdulrahman Al-Omar stated that following the airline's operational success in 2024, a strategic plan has been implemented for 2025 to maintain high performance. Flights have been scheduled to meet operational needs with flexibility throughout the year, particularly during peak seasons, while adapting to industry challenges.

The selection of new destinations was based on feasibility studies and guest demand, aligning with Saudi Arabia's national aviation strategy to reach 250 destinations by 2030.
The newly introduced routes will enhance Saudia's global network, which currently spans over 100 destinations across four continents. With more than 530 daily flights, the airline continues to develop its international operations to increase its market share and strengthen the Kingdom's global connectivity.