2023-10-09 04:13:29
This Monday morning, Brent prices jumped by around 4% to more than 87 dollars.
Oil prices soared by more than 4% on Monday after the surprise offensive this weekend by the Palestinian Islamist movement Hamas against Israel which raised concerns about its consequences in terms of supplies in the region rich in black gold.
At 6 a.m. this Monday morning, Brent rose by almost 4% to 87.7 dollars and West Texas Intermediate was up 4.5% to 88.39 dollars at the start of trading on Asian markets.
Israel’s surprise attack and declaration of war on Sunday against the Palestinian Islamist movement has already left more than 1,100 dead and a new rise in tensions is feared in the Middle East.
Concerns
“What is key for markets is whether the conflict remains contained or spreads to other regions, particularly Saudi Arabia,” said Brian Martin and Daniel Hynes analysts at ANZ.
“At least initially, markets seem to think that the situation will remain limited in scope, duration and impact on oil prices. But greater volatility can be expected.”
This crisis comes at a time when oil prices are already high due to concerns over a drop in production from Russia and Saudi Arabia.
It also raises fears about its consequences on inflation. Rising energy costs are one of the main causes of the current price surge.
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