Israel-Hamas War Sends Crude Oil Prices Soaring Once More | Here’s What Happened


Crude oil price: Tuesday morning’s Asian trade saw a surge in oil prices, bouncing back from the declines observed on Monday. Market watchers fear the localised conflict might spiral into a broader confrontation within the pivotal oil-exporting region, triggering potential disruptions in supply.

Crude oil prices rose on Tuesday on the back of uncertainty caused by the Israel-Hamas war (Pic: Canva Pro)

Crude oil price: Tuesday morning’s Asian trade saw a surge in oil prices, bouncing back from the declines observed on Monday. Market watchers cite escalating tensions in the Israel-Hamas standoff as the primary cause of unease. They fear the localised conflict might spiral into a broader confrontation within the pivotal oil-exporting region, triggering potential disruptions in supply, Reuters reported.

Brent crude futures marked an uptick of 70 cents, reaching $90.53 a barrel, a 0.8 per cent hike. Yuki Takashima, an economist at Nomura Securities, told the publication that “the market is up on an adjustment after a drop in the past two sessions and on nagging fears of possible supply disruptions in the Middle East.”

Crude oil prices had seen a drop of over 2 per cent on Monday, courtesy of the ramped-up diplomatic interventions in the Middle East, a region globally recognized as the largest oil supplier. However, Monday was not quiet on the front lines. Israel sustained its aggressive air assaults on Gaza and even extended its operations to cover southern parts of Lebanon.

Israel targeted numerous sites in Gaza, while on-ground forces clashed with Hamas militants. The Palestinian enclave is bearing the brunt of the conflict, witnessing an alarming spike in casualties and leaving civilians grappling with dire circumstances.

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