Posted 10/9/2023, 3:20:51 AM
Middle East Tensions Drive Oil Prices Up 4% Over Supply Worries
- Oil prices jumped 4% on Monday over Middle East supply concerns amid Israel-Gaza unrest
- Violence between Israel and Hamas raises worries of disruption to oil from Middle East region
- Iran accused of backing Hamas though denies involvement; risks to Iran oil output if conflict spreads
- Global oil supply could drop 3% if Strait of Hormuz transit route affected by tensions
- Investors may seek safety in US Treasuries and dollar amid geopolitical uncertainty
