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Al Jazeera

Politics

Erin Hale

Will global oil prices keep rising due to the Israel-Hamas war?

Hamas Oil Israel Iran United States Al Jazeera Gaza Hezbollah OPEC

Global energy markets are closely watching the conflict between Israel and Hamas [File: Andrew Kelly/Reuters]

Global oil prices have spiked since fighting erupted between Israel and Hamas amid speculation about how the conflict could affect energy production in the Middle East.

On Monday, global benchmark Brent Crude rose 4.2 percent to $88.15 a barrel, while US benchmark West Texas Intermediate rose 4.3 percent to $86.38 per barrel.

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