Oil prices rose 4% after Palestinian militants Hamas launched a surprise attack on Israel, extending the Israel-Hamas conflict into its third day. Global benchmark Brent traded at $88.02 a barrel, while U.S. West Texas Intermediate futures rose to $86.31 per barrel. The conflict has caused a surge in crude prices, but analysts believe it will be a temporary reaction unless there is a sustained reduction in oil supply or transport. The conflict does not directly affect major oil supplies, but Iran's oil supply and exports face downside risks if Western countries link Iranian intelligence to the Hamas attack.

The post Oil prices jump 4% after Hamas attack on Israel appeared first on Balanced News Summary.