Oil prices soared in the aftermath of the biggest attack on Israel in years, an attack that led Netanyahu to declare war on Hamas.
Crude oil prices jumped by more than $4 earlier today amid continued fighting between Hamas and Israel that began on Saturday. Brent crude was trading close to $88 per barrel in morning trade in Asia, and West Texas Intermediate was changing hands at over $86 per barrel, both up by over 3% from Friday’s close. By the time of writing, prices had retreated modestly, with WTI slipping below $86 per barrel.
Oil prices were quick to react to the deterioration in Middle Eastern security and will likely stay vulnerable to more wild swings as the situation develops. 'Increasing geopolitical risk in the Middle East should support oil prices... higher volatility can be expected' ANZ Bank analysts said in a note quoted by Reuters. Goldman Sachs analysts, meanwhile, highlighted two more potential consequences of the latest clash between Israel and Hamas.
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