The price of fuel increased in the world market

Global oil prices rose on Monday (May 6) morning as the prospect of a Gaza ceasefire agreement faded.

Saudi Arabia has raised oil prices for almost all regions of the world. Meanwhile, it is feared that the effects of the Israel-Gaza war may spread to this oil-producing region.

Brent crude oil prices rose by 73 cents, or 0.9 percent, to $83.24 a barrel this morning, reports Reuters.

In addition, the price of US Texas Intermediate crude (WTI) rose by 84 cents, or 1.1 percent, to $78.95 per barrel.

Both crude oil prices decreased last week as geopolitical tensions eased, the media said. Brent crude fell by more than 7 percent and WTI crude fell by 6.8 percent.

Ceasefire talks were underway in Gaza last week. But the chances of a cease-fire have dwindled even further, bcause Hamas demanded that the ceasefire be implemented through a prisoner exchange. On the other hand, Israeli Prime Minister Benjamin Netanyahu rejected that demand.

In this situation, the Israeli army has given a 'limited opportunity' on Monday. They called on Palestinian civilians to withdraw from Rafah.