The Israeli military has confirmed the attack

The Israeli military has confirmed the attack, stating that the three sons were operatives of Hamas's armed wing. Hamas, on Tuesday, announced its review of an Israeli cease-fire proposal, asserting it made "no concessions" and failed to meet Palestinian demands. The conflict in Gaza has persisted for six months.

Reports on the 10th local time revealed that three sons and multiple grandchildren of Ismail Haniyeh, the leader of the Political Bureau of the Palestinian Islamic Resistance Movement (Hamas), were killed in Israeli strikes on the Gaza Strip.

As per a statement from the Hamas Media Office on the 10th, Haniyeh's three sons and several grandchildren perished in an Israeli assault on the Shati refugee camp in Gaza City.

Speaking to Al Jazeera, Haniyeh disclosed that his son and grandchildren were killed by a missile fired from an Israeli drone while en route to visit relatives during Eid al-Fitr. Nearly 60 of his family members have lost their lives in the conflict.

Haniyeh described the attack on his relatives as evidence of Israel's "failure" and stressed that it wouldn't alter Hamas's stance on ceasefire negotiations in Gaza.

According to US media, the United States and its allies feared an imminent attack on Israel by Iran and its proxies, resulting in a surge in crude oil futures. Phil Flynn, Senior Market Analyst at Price Futures Group, remarked, "The news triggered a market turnaround," emphasizing the heightened geopolitical risks. He added, "Given these geopolitical risk factors, everyone is disregarding the Fed and the dollar. If there's a disruption in oil supply, there's no room for error, so the market is reintroducing risk premiums into oil prices."

The prolongation of the conflict could have repercussions on other nations, particularly OPEC members and supporters of Hamas, such as Iran, the third-largest oil producer.

Additionally, Mexico's decision to curtail crude exports for domestic refinery use contributed to bolstering oil prices, resulting in record-low US crude imports from Mexico in early April.

Prior to this, oil prices had dipped following US government data indicating a significant rise in crude oil inventories last week, coupled with unexpected increases in refined product inventories due to weak demand and reduced oil exports.

According to the US Energy Information Administration (EIA), crude oil inventories surged by 5.8 million barrels in the week ending April 5, surpassing analysts' projections of a 2.4 million barrel increase. Gasoline inventories rose by 700,000 barrels, while distillate inventories increased by 1.7 million barrels.

Moreover, the EIA data revealed a decline in refined product supplies, indicating subdued fuel demand, alongside a drop of 2.7 million barrels per day in crude oil exports.

Tony Sycamore, an IG Market Analyst based in Singapore, noted that early-week tensions eased as crude prices rose amid hopes for a Gaza ceasefire and rising US inventories.

The upcoming release of OPEC's monthly oil market report on April 11 and the International Energy Agency's (IEA) oil market report on April 12 will be closely watched for market insights.

Bjarne Schieldrop, an analyst at SEB, affirmed, "Overall, this reinforces the outlook for the oil market," highlighting OPEC+'s effective management of oil markets.

The dollar index surged by about 1% on Wednesday to nearly a five-month high, buoyed by stronger-than-expected US inflation growth in March, leading to diminished expectations of a Federal Reserve interest rate cut in June. Analysts now anticipate a delay in the interest rate cut until September.

March's Consumer Price Index (CPI) data revealed a 3.5% year-on-year increase, the highest since September, compared to a 3.2% rise in February. Economists had forecasted a 0.3% month-on-month increase and a 3.4% year-on-year rise in March CPI.

On this trading day, attention is also directed towards China's March CPI data, the European Central Bank's interest rate decision, changes in US initial jobless claims, March Producer Price Index (PPI) data, speeches by Federal Reserve officials, and news pertaining to the geopolitical situation in the Middle East.

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