08:57 AM EDT, 05/06/2024 (MT Newswires) -- Oil prices rose early on Monday, rising off six-week lows on an expanding risk premium as Israel looks set to defy international pressure and begin attacks on the Gaza city of Rafah.

West Texas Intermediate crude oil for June delivery was last seen up US$0.79 to US$78.90, while July Brent crude, the global benchmark, was up US$0.70 to US$83.66.

The rise comes as hopes for a cease-fire agreement between Israel and Hamas faded on the weekend, with reports saying Hamas left talks in Egypt after its demands for a permanent end to the war in exchange for hostages rather than a limited cease fire were rejected. The Washington Post reported Israel has ordered the evacuation of 100,000 Rafah civilians as it prepares to begin a ground invasion despite pressure from the United States and other nations to refrain from the plan.

Prices were also supported by a rise in Saudi Arabia's official selling price for the European and Asian markets, which may signal the kingdom expects strong summer demand as OPEC+ continues 2.2-million barrels per day of voluntary production cuts that are scheduled to expire at the end of June, but could be extended into the third quarter.