Oil Prices Increase After Hamas Attack In Israel

Oil prices rose significantly following a Hamas attack on Israel.

Oct 8, 2023 - 22:57
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Oil Prices Increase After Hamas Attack In Israel

Oil prices rose significantly following a Hamas attack on Israel. The attack resulted in Israel responding with airstrikes.

Brent crude, the benchmark for international oil prices, gained 2.4% to $42.63 a barrel. West Texas Intermediate (WTI), the standard for U.S. oil, was 2.6% higher at $40.23 a barrel.

The Hamas attack included rockets launched from the Gaza strip toward Israel, which caused alarm in the region. In response, Israel began airstrikes on Hamas sites.

The development of a potential military conflict concerns markets and drives up the price of oil. The attack additionally affected other markets such as Treasuries, causing these prices to rise.

Other elements contributing to the rise in oil prices include signs of economic recovery that could mean more oil consumption. OPEC‘s production cuts and unprecedented demand decline from the pandemic have had substantial impacts on oil prices.

The attack in Israel and the subsequent response may influence oil prices further as the conflict progresses.