Oil Prices Surge Over 2% on Middle East Tensions After Gaza Hospital Blast

Oil prices jumped over 2% on Wednesday due to a blast at a Gaza hospital that increased Middle East tensions.

The blast sparked concerns about potential supply disruptions from the region. Brent crude rose to $92 a barrel.

The cancellation of a Biden summit with Arab leaders reduced the chance of a diplomatic solution to the Israel-Hamas conflict.

Markets are nervous about a threatened Israeli ground offensive in Gaza that could expand the conflict.

U.S. crude stockpiles fell more than expected, while China's economy grew faster than expected in Q3.