Israel conflict reignites oil price volatility
Oil prices skyrocketed following a sudden attack by Hamas on Israel, plunging the Middle East into renewed turmoil.
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Oil prices skyrocketed following a sudden attack by Hamas on Israel, plunging the Middle East into renewed turmoil.
Oil surged as much as 5 percent after the broadest and bloodiest attack on Israel in decades threatened to inflame tensions in the Middle East, the source of around a third of the world’s crude. West Texas Intermediate traded near $86 a barrel as a war-risk premium returned to markets. The death toll on both
Oil prices surged after a shock attack on Israel by Hamas brought renewed instability to the Middle East.
Exxon Mobil is reportedly in talks to buy Pioneer Natural Resources, a major shale driller, in what would be the biggest takeover of the year.
The global Brent benchmark fell below $85 for the first time since late August, while West Texas Intermediate slid below $84 after slumping the most since September last year on Wednesday. Crudes drop followed a plunge in gasoline after US data showed stockpiles surged in the US and demand fell.