Oil prices surge 4% amidst escalating Israel-Hamas conflict The Israel-Hamas conflict drives oil prices up 4%, reaching $88.41 per barrel. Saudi Arabia calls for de-escalation amidst rising tensions.
During the early hours of Saturday 7th October 2023, coinciding with a significant Jewish holiday, the Palestinian militant group Hamas initiated a multifaceted incursion into Israel, utilizing land, sea, and air, including paragliders. This attack occurred shortly after thousands of rockets had been launched from Gaza into Israel.
The ongoing conflict between Israel and Hamas has prompted a surge in oil prices during early morning trading on Monday. Oil prices witnessed a significant increase of 4% as the Israel-Hamas conflict entered its third day, triggered by an unexpected assault on Israel carried out by Palestinian militants affiliated with Hamas.”
