Brent Oil Futures Soar Above $90 a Barrel Amid Israel-Hamas Conflict

Benzinga 2023-10-16

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As investors monitored the Israel-Hamas conflict for potential escalation, Brent oil futures remained above $90 a barrel. Oil prices surged nearly 6% on Friday as investors factored in the possibility of a broader conflict in the Middle East. The conflict between Israel and Hamas is seen as a significant geopolitical risk to oil markets, similar to Russia's invasion of Ukraine. The situation is unpredictable and could affect oil prices. The US has imposed sanctions on owners of tankers carrying Russian oil priced above the G7's price cap, which could reduce the supply of crude oil from Russia.

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