Oil rose after Iran called for an embargo against Israel by Muslim countries, following a deadly explosion at a Gaza hospital that raised the risk of wider hostilities in the Middle East.
The comments follow a blast at a hospital in Gaza City that killed hundreds. Leaders of Jordan, Egypt and the Palestinian Authority canceled a summit with US President Joe Biden, complicating his push to ensure the Israel-Hamas conflict doesn’t widen across the region. Biden arrived in Israel early Wednesday.
The global oil market has been rocked by the Middle East crisis. Iran, which supports Hamas and is a key crude supplier, had already been warning of the possibility of escalation. For now, though, oil price spikes are limited by a relative abundance of spare capacity that could come online in the event of any disruption as well as by concerns about slowing global growth and its effect on demand.
The increasingly global nature of the oil market gives Israel plenty of scope to overcome any embargo, although much of its supply comes from Kazakhstan and Azerbaijan, two majority-Muslim nations. It also imports from West African producers.
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