After the sharp falls last week, as ceasefire attempts in the Israeli-Palestinian conflict continue and the United States plans further strikes against Iranian-backed groups, oil prices have stabilized in first Asian exchanges on Monday.

American West Texas Intermediate oil futures remained stable at $72.28 per barrel. Brent oil futures rose 8 cents to $77.41 per barrel at 0131 GMT. Both references ended last week down around 7%. They fell by 2% on Friday after stronger than expected US employment data suggested that interest rate cuts may be further away than expected, and on progress in ceasefire negotiations between Israel and Hamas.