• Oil slipped as the US pushed to broker a peace deal between Israel and Hamas that would reduce geopolitical tensions in the Middle East.
  • Brent crude traded below $89 a barrel after gaining 2.5% last week, while West Texas Intermediate dropped toward $83. US Secretary of State Antony Blinken will step up efforts to secure a truce in Gaza during a visit to the region. The White House said Israel has agreed to hear out its concerns and hold off invading Rafah until meeting with the Americans.
  • Crude has risen this year on OPEC+ supply cuts and heightened tensions in Ukraine and the Middle East — the source of about a third of the world’s crude. Meanwhile, shifting expectations for US monetary policy are weighing on the demand outlook, and traders will look to a Federal Reserve meeting on Wednesday to gauge the prospects for rate cuts this year.