Oil climbed as Israeli Prime Minister Benjamin Netanyahu dismissal of a potential cease-fire in the Israel-Hamas war bolstered crude’s geopolitical risk premium.
The recent attack resulting in the deaths of three U.S. service personnel might be a black swan event destined to elevate geopolitical risk premium and hike oil prices.
U.S.-U.K. military strikes on Houthi rebel positions could have profound implications for global oil markets, with crude traders factoring in a higher risk premium.