| 11 December 2023, Monday |

Oil spikes as hospital blast amplifies Middle East tensions

Oil prices surged on Wednesday as tension escalated in the Middle East after hundreds were killed in a blast at a Gaza hospital, sparking concerns about potential oil supply disruptions from the region.

Brent crude futures LCOc1 advanced $1.75, or 2%, to $91.65 a barrel at 0609 GMT. West Texas Intermediate crude (WTI) CLc1 futures were up $1.91, or 2.2%, at $88.57 a barrel.

In earlier trade, both benchmarks gained more than $2 to touch their highest levels in two weeks.

Markets factored in risk premiums after hundreds of Palestinians were killed in a blast at a Gaza City hospital on Tuesday that Israeli and Palestinian officials blamed on each other.

  • NNA