• WTI kicks off the new week on a weaker note amid some profit-taking, though it lacks follow-through.
• Middle East tensions, along with optimism over demand recovery, lend support to Crude Oil prices.
• Traders now look to Fedpseak for some impetus, though the focus remains on the Israel-Hamas war.

West Texas Intermediate (WTI) US crude Oil prices kick off the new week on a weaker note and move away from a five-month peak – levels beyond the $75.00 psychological mark touched on Friday. The commodity, however, trims a part of modest Asian session losses and currently trades around the $73.75-$73.80 region, down 0.35% for the day. 

The intraday downtick lacks any obvious fundamental catalyst and could be attributed to some profit-taking, especially after last week's strong gains – marking the biggest in over a year. Meanwhile, the Israel-Hamas war showed few signs of cooling, which, along with reports that Israel is considering attacking Iran's oil production facilities, fuel concerns about supply disruptions from the Middle East. This, in turn, is seen as a key factor that acts as a tailwind for crude oil prices. 

Furthermore, the upbeat US monthly employment details released on Friday raised hopes that the world's largest economy was more resilient than initially feared. Apart from this, hopes that the recent stimulus bonanza from China will ignite a lasting recovery and lift fuel demand in the world's largest Oil importer. This turns out to be a key factor that acts as a tailwind for Crude Oil prices and warrants caution for bearish traders or positioning for any meaningful slide.