Oil Surges as Israel Conflict Reignites Middle East Volatility
- WTI futures climbed more than 5% before paring some gains
- Focus on Iran as clash between Hamas and Israel rages on
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Oil prices surged after a shock attack on Israel by Hamas brought renewed instability to the Middle East.
More than 1,400 people have died since the fighting between Israel and militant group Hamas broke out over the weekend, in a conflict that has potential repercussions across the wider region. US crude futures settled above $86 a barrel, at one point rallying 5.4%.