Oil prices jump as Middle East violence roils markets
© Reuters. FILE PHOTO: Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File PhotoBEIJING - Oil prices jumped more than $3 a barrel in early Asian trade on Monday, as dramatic military clashes between Israeli and Hamas forces over the weekend deepened political uncertainty across the Middle East.rose $3.34, or 3.95%, to $87.92 a barrel by 2320 GMT, while U.S.
The eruption of violence threatens to derail U.S. efforts to broker a rapprochement between Saudi Arabia and Israel, in which the kingdom would normalise ties with Israel in return for a defence deal between Washington and Riyadh. "Increasing geopolitical risk in the Middle East should support oil prices... higher volatility can be expected" analysts from ANZ Bank said in a client note.
Market attention has turned to the possibility of Iranian involvement in the attacks, which Israeli authorities have already alleged.
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