Oil futures surged in early trading on Monday (October 9, 2023) following supply disruption fears in the wake of the tragic situation in Israel and Gaza, after an attack by militant group Hamas on southern Israel on Saturday marked the biggest escalation in conflict for nearly five decades.
At 01:28 EDT, Brent front-month oil futures contract – regarded as a global proxy benchmark – was up $2.75 or 3.25% to $87.33 per barrel, having risen by 4% at one point in Asian trading to $89. Concurrently, the West Texas Intermediate (WTI) was trading at $85.80 per barrel up $3.01 or 3.64% intraday.
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