Oil prices increased slightly in Asian markets on Thursday after mixed trade data from China and as geopolitical tensions in the Middle East remained high. The possibility of a ceasefire between Israel and Hamas was a focal point, particularly with the U.S. intensifying efforts to mediate.

This context saw Brent oil futures rise to $83.92 and West Texas Intermediate to $79.41 per barrel. However, a decline in China’s oil imports in April, despite stronger overall imports, suggested a potential cooling in the world’s largest crude importer’s demand.