Oil prices remained steady on Monday following a surge last week, as investors monitor the potential for the Israel-Hamas conflict to escalate and impact global oil markets. Brent futures held at $90.89 per barrel, while U.S. West Texas Intermediate (WTI) crude dipped slightly to $87.67 a barrel. Both benchmarks saw significant gains on Friday, with Brent rising 7.5% and WTI climbing 5.9% for the week. The conflict in the Middle East poses a significant geopolitical risk to oil markets, particularly if it involves other major oil-producing countries in the region such as Saudi Arabia, Iran, and the United Arab Emirates. The potential for a wider conflict could result in further price increases, potentially exceeding $100 a barrel. However, the impact on global oil and gas supplies has been minimal thus far, as Israel is not a major producer. Nonetheless, concerns remain about the potential for escalation and the involvement of Iran. If Iran is found to be directly involved in the Hamas attack, the U.S. may fully enforce its sanctions on Iran’s oil exports, which could have a significant impact on global oil supply. Israel’s Prime Minister Benjamin Netanyahu has vowed to “demolish Hamas,” and Iran has warned of “far-reaching consequences” if Israel’s actions are not stopped. In light of these developments, U.S. Secretary of State Antony Blinken will return to Israel on Monday to discuss the situation and potential next steps. The U.S. has also recently imposed sanctions on owners of tankers carrying Russian oil priced above the G7’s price cap, which could further impact global oil supply. Overall, the situation in the Middle East remains uncertain, and market participants are closely monitoring the potential implications for Oil Prices and global oil supply.