• Oil rose as tensions in the Middle East ratcheted higher following the death of an Egyptian soldier during a clash with Israeli troops.
  • West Texas Intermediate climbed about 1% from Friday’s close toward $79 a barrel, with no settlement on Monday due to a US holiday, while Brent traded near $83. Egypt’s military confirmed that a border guard died at the Rafah crossing into Gaza on Monday, which could escalate tensions with Israel.
  • Oil has risen this year on persistent geopolitical risks and OPEC+’s roughly 2 million barrels a day of output cuts, which the group is expected to prolong into the second half of the year at a meeting on Sunday. Prices have dipped since early April on disappointing demand from Asia, causing Brent’s prompt spread to get close to a bearish contango structure that indicates supply is increasing relative to consumption.