West Texas Intermediary (WTI) Crude Oil prices jumped on Monday after the long-running Gaza Strip conflict between Israel and Palestinian Hamas saw it
WTI in play near $85.00, trading flat after clipping higher following the weekend's Hamas-Israel conflict escalation. Crude Oil prices jumped as investors grow uneasy about geopolitical instability in the Middle East. Investors concerned about the potential for spillover from Gaza Strip into nearby countries, threatening major oil production in the region. s largest escalation in over fifteen years. WTI barrels are trading near $85.00/bbl after the jump, from last week's lows near $80.
The US eased Iranian oil restrictions back in August as crude oil supplies drastically undershoot global demand, drawing down US oil reserves into record lows.
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Global Crude Oil Prices Surge Amid Israel-Hamas ConflictI am a Breaking News Reporter at Forbes, with a focus on covering important tech policy and business news. Graduated from Columbia University with an MA in Business and Economics Journalism in 2019. Worked as a journalist in New Delhi, India from 2014 to 2018. Have a news tip? DMs are open on Twitter SiladityaRay or drop me an email at siladityaprotonmail.com.
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