Oil rises 3% to 1-week high as Israel-Hamas war raises supply concerns; Brent settles at $90/bbl | Mint - Mint
Oil rises 3% to 1-week high as Israel-Hamas war raises supply concerns; Brent settles at $90/bbl | Mint
Oil prices climbed about 3 per cent to a one-week high in the previous session on worries that tensions in Israel and Gaza could spread into a wider conflict that could disrupt global crude supplies. Early in the session, oil prices soared by more than $2 a barrel after the US military struck Iranian targets in Syria. Prices briefly turned negative on mediation talks between the militant Hamas group and Israel led by Qatar in coordination with the US.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.