Oil regained ground on Monday, with political uncertainty in the U.S. and the Middle East supporting prices, offsetting downward pressure from a stronger dollar and weak demand in top importer China.
Brent crude futures rose 15 cents, or 0.2%, to $85.18 a barrel by 0425 GMT after settling down 37 cents on Friday. U.S. West Texas Intermediate crude stood at $82.41 a barrel, up 20 cents, or 0.2%.
Oil prices shrugged off the impact from the dollar, which firmed after a failed assassination bid on U.S. presidential candidate Donald Trump.
“I don’t think you can ignore the uncertainty that the weekend’s assassination attempt will cast across a deeply divided country in the lead-up to the election,” said IG market analyst Tony Sycamore.
In the Middle East, talks on ending the Gaza conflict between Israel and Hamas halted on Saturday after three days, though a Hamas official said the following day it had not withdrawn from discussions.
However, an Israeli attack targeting the group’s military leader killed 90 people on Saturday. The uncertainty around the volatile situation has kept the geopolitical premium in oil elevated.
