Oil prices have jumped on concerns that the situation in Israel and Gaza could disrupt output from the Middle East.

Brent crude, the international benchmark, climbed by $2.25 a barrel to $86.83, while US prices also rose.

Israel and Palestinian territories are not oil producers but the Middle Eastern region accounts for almost a third of global supply.

Hamas’s assault on Israel was the biggest escalation between the two sides for decades.

Western nations condemned the attacks. A spokesperson for Hamas, the Palestinian militant group, told the BBC that the group had direct backing for the move from Iran - one of the world’s largest oil producers.

  • Rayspekt
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    fedilink
    141 year ago

    Oil companies take everything to justify price hikes and morons still demontrate against renewables. Man, I might hit my toe against the table tomorrow and if oil corpos find out against it, it magically influences the oil market.