(BrightPress.org) – The price of oil spiked over the weekend as a consequence of instability in the Middle East as Israeli and Palestinian forces clashed in response to a Hamas-led terror attack on Israel that killed hundreds.
So-called Brent crude jumped $3.34 or almost 4% to $87.92 per barrel. West Texas Intermediate crude was up $3.34 or 4.16%.
The attack on Israel caught them by surprise, Hamas troops used paragliders to fly over the giant concrete wall surrounding Gaza and attacked an all-night party happening just over the border. They simultaneously launched hundreds of rockets and missiles against Israeli targets.
PM Benjamin Netanyahu responded by declaring a state of war. Israel also launched airstrikes on dozens of targets from Gaza to the West Bank and Golan Heights. These are Palestinian-controlled territories occupied by the Israeli military.
The attacks come as Washington was attempting to broker a normalization of relations between Saudi Arabia and Israel. Whether or not the outbreak of violence will disrupt the negotiations remains to be seen.
Oil prices spike whenever there’s an outbreak of violence in the Middle East as the potential to disrupt the supply exists.
Western nations largely condemned the attacks while Muslim groups and Palestinian activists around the world celebrated them as a victory.
If the conflict continues to spread the price of oil will continue to rise. Iranian involvement is already being alleged by Israeli and U.S. politicians, some of whom have been lobbying for U.S. military intervention in Iran since the early 2000s.
Iranian oil infrastructure has already been threatened by U.S. politicians.
Iranian Foreign Ministry spokesman Nasser Kanani called the attacks “victories for the anti-Zionist resistance.” Iranian Major General Yahya Rahim expressed support for the attacks on Israel and congratulated them on a successful surprise attack. He also pointed out that Israeli forces have committed atrocities against Palestinian children for decades while the international community had a “muted response.”
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