Oil Prices Jump Over 2% on Israel-Hamas Clashes and Middle East Conflict Fears

Oil prices surged over 2% as clashes between Israel and Hamas stoked Middle East conflict fears.

The spike reversed last week's large declines when economic worries weighed on demand outlook.

Violence threatens U.S. efforts to broker Saudi-Israel ties and a Riyadh-Washington defense deal.

Questions remain over how long the oil rally will last and whether Iran will get implicated.

Around 20% of global supply could be impacted if the Strait of Hormuz gets affected.