Oil prices surge by over 3% amid Israel-Hamas war

Global oil prices have rose by more than 3 percent per barrel on the Asian trade market on Monday amid military clashes between Israel and the Palestinian Islamist group, Hamas.

The political tensions in the Middle East region has resulted in uncertainty while investors have raised concerns about oil demand supplies.

As of Monday, October 9 prices of Brent crude rose by $3.10 or 3.67 percent per barrel while U.S. West Texas Intermediate (WTI) crude sold at $86.05 a barrel, up by $3.26 or 3.94 percent.

According to Reuters, both benchmarks had surged more than $4 a barrel earlier, before easing slightly.

Market analysts from ANZ Bank in a note to clients said, "increasing geopolitical risk in the Middle East should support oil prices... higher volatility can be expected"z.

Meanwhile, the rise in oil prices have since reversed last week's downtrend which was saw Brent crude drop by about 11 percent while the WTI withdrew more than 8 percent amid concerns about high interest rates and impact on global demand.

The Middle East nation of Israel has since declared a state of war after Palestinian fighters launched the largest attack on Saturday October 7, 2023.

A senior military commander of Hamas, Mohammed Deif later announced the start of a military operation in a broadcast on Hamas media.

Deif called on Palestinians everywhere to take up the fight against Israel while describing the attack as “Operation Al-Aqsa Storm".

Meanwhile, Israel's Defense Minister has said Hamas has 'made a grave mistake' by attacking the Middle East nation.

The group [Hamas] according to The Spectator Index has taken some captured Israelis into the Gaza Strip.

They are reported to have also killed the Mayor of Israel's Sha'ar Hanegev region, Ofir Libstein.

MA/NOQ

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