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The Guardian - UK
The Guardian - UK
Business
Jillian Ambrose Energy correspondent

Why oil prices are rising amid the Israel-Hamas war

Oil Hamas Neil Quilliam Israel Robert Ryan United States Joe Biden the Middle East Europe Russia
Oil tankers pass through the Strait of Hormuz
Oil tankers pass through the Strait of Hormuz, through which 20% of the world’s oil and one-third of its seaborne gas passes. Photograph: Hamad I Mohammed/Reuters

Global oil market prices have climbed for two consecutive weeks since Hamas launched its shock attack on Israeli civilians on 7 October.

The deadly offensive sent tremors through the oil markets, causing prices to climb to $94 (£77) a barrel. It also reignited fears among oil traders and economists that markets could breach the $100 a barrel mark.

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