Oil Surges as Israel Conflict Reignites Middle East Volatility
October 10, 2023
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0:58Now PlayingOil Surges as Israel Conflict Reignites Middle East Volatility
YouTube Description
as posted by the channelOil prices surged after a shock attack on Israel by Hamas brought renewed instability to the Middle East.
More than 1,100 people have died since the fighting between Israel and militant group Hamas broke out over the weekend, in a conflict that has potential repercussions across the wider region. US crude futures surged above $86 a barrel, at one point rallying 5.4%.
While Israel’s role in global oil supply is limited, the bloody outbreak threatens to embroil both the US and Iran. Iran has become a major source of extra crude this year, alleviating otherwise tightening markets, but additional American sanctions on Tehran could constrain those shipments.
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