Oil prices rose nearly 1% as traders assessed a worsening geopolitical situation. Traders have been closely following the situation in the Middle East, where progress on ceasefire negotiations between Israel and Hamas appeared elusive (go figure), indicating tensions in the oil-producing region are set to linger. The United States also continued its campaign against Houthis in Yemen, whose attacks on shipping vessels have disrupted global oil trading routes. WTI settled at $72.78 per barrel, up 50 cents per barrel from Friday’s close. Brent settled higher 66 cents a barrel at US$77.99. Both contracts gained for the first time in four sessions. In Canada One Exchange WCS for March delivery settled today at US$18.90 below the WTI-CMA. The implied value was US$53.96 per barrel.