Oil Rises as Middle East Tension May Disrupt Supplies
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Oil rose on concern that the clash between Israel and Hamas will escalate into a wider conflict that would endanger Middle East crude shipments.
Futures advanced 1.4 percent as Israel extended its bombing of Gaza while Palestinian missiles struck areas around Jerusalem and Tel Aviv. Egyptian Prime Minister Hisham Qandil visited Gaza today and called for an international effort to end the violence. Israel’s army said it has deployed tanks near the Gaza border and called up reservists.