Middle East violence rattles markets, oil jumps
LONDON - Hamas' assault on Israel drove oil prices higher on Monday as markets priced in fears of a wider conflict in the Middle East, a day after Israel pounded the Palestinian enclave of Gaza in retaliation for one of the bloodiest attacks in its history.
"The current scope of the conflict has no direct impact on global oil supply, but the worry is that it might drag in Iran." "Third, yes, the U.S. could continue to tap into its strategic oil reserves to level out a potential price shock even though SPR is down to a 40-year low following the Ukrainian war and finally, the Ukrainian war and embargo on Russian oil are already in play and the West has little margin to impose another embargo on Arab oil.
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