Oil prices rise amid conflict between Israel and Hamas
The price of oil rose to nearly 88 US dollars a barrel in Asia today as the conflict between Israel and Hamas showed no signs of abating, raising concerns about crude supplies.
Benchmark oil for December delivery was up 95 cents to 87.87 dollars per barrel in late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract added 1.05 dollars to finish at 86.92 dollars per barrel on Friday.
Brent crude, used to price many international varieties of oil, rose 77 cents to 109.72 dollars. It closed at 108.95 dollars per barrel in London on Friday.
Gordon Kwan, head of energy research at Mirae Asset Securities in Hong Kong, said some investors fear that oil supplies could be disrupted if the Israel-Hamas conflict engulfs countries elsewhere in the Middle East, a huge producer of crude.
The "market is putting a geopolitical premium on the price of oil amid escalating tensions between Israel and Palestine and that could continue for some time", he said.
The fighting comes just as winter arrives in the US and China, at time when energy demands climb.
In pictures: Saturn images from Cassini probe as it prepares to turn lens towards Earth
Serena Williams apologises after comment that rape victim 'shouldn't have put herself in that position'
FBI finds possible human remains at former home of late gangster James Burke - the man who inspired Goodfellas
'Theres something quite unpleasant going on': Nigel Farage confronted for second time on visit to Scotland
World news in pictures
- 1 Bankers could face jail after report urges the Government to introduce new criminal offence for reckless management
- 2 Breaking the Silence: In the reality of occupation, there are no Palestinian civilians – only potential terrorists
- 3 Richard Nieuwenhuizen death: Six teenagers and 50-year-old father convicted of manslaughter in shocking case of referee killed over a game of football
- 4 Exclusive: Newcastle's star talent-spotter on brink as Joe Kinnear sparks walkout
- 5 Vast methane 'plumes' seen in Arctic ocean as sea ice retreats
£500 - £600 per day: Orgtel: FX Options Front Office Java / C# Developer - Ba...
£600 - £700 per day: Orgtel: Project Manager - Front Office - Regulatory IT C...
£33000 - £35000 Per Annum: The Green Recruitment Company: The Green Recruitmen...
£21000 - £22000 per annum: Randstad Education Chelmsford: NQTs required now fo...