Oil rises on news of Hamas leader killed

Oil rose as the killing of the Hamas leader raised geopolitical risks. Oil rose for the first time in four sessions after Hamas leader Ismail Haniyeh was reported killed in an attack at his residence in the Iranian capital Tehran and an industry report showed a fifth week of declines in U.S. stocks. Brent traded near $79 a barrel after falling 4.1 percent in the previous three days, while U.S. crude was around $76. Hamas said Israel killed Ismail Haniyeh in an airstrike in Iran. Separately, the American Petroleum Institute said crude stocks fell by 4.5 million barrels last week. If confirmed by official figures on Wednesday, that would be the longest decline since January 2022. Crude is set for its biggest monthly decline this year on weak demand outlook in top importer China. Futures are still modestly higher this year due to OPEC+ supply curbs and expectations that the Federal Reserve will soon start cutting interest rates.