Isabel Wang is a Markets Reporter for MarketWatch.
Oil futures settled lower on Monday, logging their biggest daily decline since early October as traders monitored diplomatic efforts aimed at ensuring the Israel-Hamas war doesn’t spiral into a wider regional conflict.
Israel intensified an aerial bombing campaign of the Gaza Strip, where the death toll has topped more than 4,600 over the past two weeks, according to the Wall Street Journal. Israel has yet to mount a widely anticipated ground incursion into the enclave, as the Biden administration has advised the country to delay the invasion to allow for more time for hostage negotiations and humanitarian aid.
Analysts and traders said they expect price action to remain volatile, with fears of a potential spillover that could involve Iran unlikely to be fully dispelled. A conflict that involves Iran would likely see renewed scrutiny of that country’s crude-oil exports, which experts said have likely climbed back to around 2 million barrels a day after being decimated by the re-imposition of sanctions by the Trump administration in 2018.
“Supply-side worries drove the recent rally in crude prices, with many fearing that a protracted war, which could spill over across the Middle East, would lead to a reduction of supply in the global oil market,” Ricardo Evangelista, senior analyst at ActivTrades, said in a note.
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