HOUSTON: Oil prices surged 4% on Monday (Oct 9), recouping some of last week's steep losses, as military clashes between Israel and the Palestinian Is...
The most serious outcome for crude oil is that the Israel-Hamas conflict escalates into a more devastating proxy war which could affect crude supply, says a senior energy trader. – AFPpic
Last week, Brent fell about 11% and WTI retreated more than 8%, the biggest weekly decline since March, as a darkening macroeconomic outlook intensified concerns about global demand. Israel’s port of Ashkelon and its oil terminal have been shut in the wake of the conflict, sources said. 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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