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Oil prices rise over fears about wider Middle East conflict

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itemprop=description content=Brent crude rose more than 5 at one stage to 89 US dollars a barrel before edging back slightly to stand 3.3 higher.

Oil prices have surged higher as Hamas’s attack on Israel deepened tensions across the Middle East and raised worries over crude supplies.

While Israel is not an oil producer, there are concerns that the conflict could spark uncertainty across the entire Middle Eastern region and in particular affect major producers Iran and Saudi Arabia. With the threat of the US and Iran being pulled into the turmoil, she warned that “escalation and prolongation of Mid-East tensions could be the final straw that could bring the world very close to the brink of recession”.

 

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