Oil prices soar more than four percent after Hamas launched its massive attack on Israel over the weekend, sparking concerns about possible supply shocks from the crude-rich region.
Brent jumps 4.7 percent to $86.65 and West Texas Intermediate is up 4.5 percent at $88.39 in early Asian business.
The surprise attack that claimed the lives of 700 Israelis, a great many of them civilians, and Israel’s declaration of war in response have raised concerns that a potential broadening of the conflict could draw in the United States and Iran.
“Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia,” says ANZ Group’s Brian Martin and Daniel Hynes.
“Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected.”
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