LONDON: Oil prices surged more than 3 per cent on Monday (Oct 9) as military clashes between Israel and the Palestinian Islamist group Hamas ignited fears that a wider conflict could impact oil sup
FILE PHOTO: Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File PhotoBrent crude was up US$3.07, or 3.6 per cent, to US$87.65 a barrel by 1341 GMT, while US West Texas Intermediate crude was at US$86.15 a barrel, up US$3.36 or about 4.1 per cent.
Hamas on Saturday launched the largest military assault on Israel in decades, triggering a wave of retaliatory Israeli air strikes on Gaza. Saudi officials reportedly on Friday told the White House that they were willing to raise output next year as part of the proposed Israel deal. Analysts suggested the implications of the conflict could include a potential slowdown in Iranian exports, which have grown significantly this year, despite US sanctions.
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