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Global oil prices surged early on Monday as the conflict between Israel and Hamas—which has resulted in at least 1,100 deaths so far—continued to escalate.The global benchmark Brent crude futures rose nearly 5% early Monday, before settling at $87.20 per barrel—up more than 3.1% from Friday.
The domestic West Texas Intermediate futures climbed past $86 per barrel, before settling at $85.7—more than 3.5% up since Friday.noted that the sharp spike in prices is likely a “knee-jerk” response to the conflict, as it is expected to have little overall impact on supplies as long as it does not escalate.
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