Oil prices soar amidst Gaza conflict

Oil prices surged by 4% – experts have raised concerns that Middle East tensions stemming from the Israel-Gaza conflict could disrupt global oil supply chains

Oil prices experienced a significant jump, rising by 4% on Monday, as concerns emerged about the potential impact of the ongoing conflict in Israel and Gaza on oil production in the Middle East.

The West Texas Intermediate, a key benchmark for US oil, surged to more than $86 (£70.5) per barrel, while the price of Brent crude also saw a notable increase in early Asian trading.

Neither Israel nor the Palestinian territories are major oil producers themselves – however, the Middle East region plays a crucial role in global oil supply, accounting for nearly a third of the world’s oil production.

The recent escalation of tensions began with a wave of attacks initiated by the Hamas militant group on Saturday.