Oil Jumps as Killing of Hamas Leader Stokes Geopolitical Risk
SUMMARY
Oil prices surged following the reported killing of Hamas leader Ismail Haniyeh by an Israeli airstrike in Iran. Global benchmark Brent crude rose to nearly $80 a barrel, while West Texas Intermediate hit around $76. This uptick comes after a 4.5% drop in oil prices over the previous three sessions, influenced by concerns over decreased demand from China. The geopolitical tensions are exacerbated by recent Israeli strikes, including one on Beirut that targeted a senior Hezbollah commander. Despite the price jump, crude oil is still on track for a monthly decline due to persistent demand worries from China.
