An uneasy calm is hanging over markets early Monday as Israel prepares a ground invasion of Gaza a week after Hamas attacked.
Crude prices were little changed, swinging between small gains and losses. West Texas Intermediate was down 0.2% at $87.53. Brent crude, the international benchmark, was down 0.4% at $90.56. Both contracts have gained over the past five days but are still down about 5% from a month ago.
Conflicts in the Middle East have a history of upending the oil market. After a series of Israeli air attacks on Gaza in preparation for a ground assault, diplomats are scrambling to get citizens out of the area and prevent the conflict from spreading to include Lebanon or Iran.
Hamas terrorists attacked Israel a week ago, killing 1,400. President Joe Biden is considering visiting the region. Secretary of State Antony Blinken will return to Israel on Monday after meeting with seven Arab leaders in six nations.
Analysts have warned that oil prices could jump to $100 a barrel if more countries get involved in the war.
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