With Israel preparing for a ground assault on Gaza, and Iran warning of consequences and support for its Palestinian allies, global oil prices are back on march ahead of a volatile weekend in the Gulf region.
Global oil prices surged higher Friday, testing the $90 per barrel mark, following rising military and political tensions in Israel's war with Hamas and a new round of sanctions on the sale of Russian crude.
“The continuation of the war crimes against Palestine and Gaza will definitely be met with reactions in other axes in the region,” said Amirabdollahian. Hamas, which launched the deadly attacks on Israel from Gaza last week, has called for a 'day of rage' protests from the Muslim world Friday, while Israel has set a 24-hour deadline for the evacuation of Gaza City in preparation for a ground assault on the territory's capital.
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Israel-Gaza war live updates: Blinken says 25 Americans dead; Gaza hospitals running out of suppliesSecretary of State Antony Blinken is in Tel Aviv in a show of support for Israel after the Hamas attack. Gaza hospitals face dire shortages amid Israel’s siege.
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Oil prices surge 4% as Middle East tensions rise with Israel ordering mass evacuations in GazaBarbara Kollmeyer is based in Madrid, where she leads MarketWatch's pre-markets coverage of financial markets and writes the Need to Know column. She has worked in London and Los Angeles for MarketWatch previously. Follow her on Twitter bkollmeyer.
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