Oil Prices Jump Over 2% on Israel-Hamas Clashes and Middle East Conflict Fears
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Oil prices surged over 2% as clashes between Israel and Hamas stoked Middle East conflict fears.
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The spike reversed last week's large declines when economic worries weighed on demand outlook.
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Violence threatens U.S. efforts to broker Saudi-Israel ties and a Riyadh-Washington defense deal.
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Questions remain over how long the oil rally will last and whether Iran will get implicated.
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Around 20% of global supply could be impacted if the Strait of Hormuz gets affected.
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