Oil prices soar on supply concerns as Middle East conflict escalates
Investing.com -- Oil prices climbed sharply Monday as the escalating violence in the Middle East raised concerns about the security of future crude supply.The Israeli-Palestinian conflict escalated to full-blown war over the weekend, as members of the Islamist group Hamas attacked several Israeli towns, killing hundreds of Israelis and triggering a wave of retaliatory Israeli air strikes on Gaza that have also resulted in many deaths.
The Wall Street Journal reported that Iranian security officials helped Hamas plan its attack on Israel in a series of meetings over months, something denied by Iran's mission to the United Nations on Sunday. However, a tighter enforcement of sanctions is a possible response if a link to Tehran is established.
The worry then is that Iran responds by disrupting oil shipping in the Strait of Hormuz, potentially impacting around a fifth of the world's supplies.This news occurred after oil prices posted their steepest weekly losses since March, with Brent posting a decline of about 11% and WTI recorded an over 8% drop, on worries that persistently high interest rates will slow global growth and hammer fuel demand.Although this represents an improvement from the revised 0.
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