After a surge this summer when oil prices approached $100 a barrel, the cost of crude was tumbling again. Now a West Asian war has sent it right back up.
Traders drove up the price of oil as much as 5 per cent as fighting escalated between Israel and Hamas after the terrorist group attacked the Jewish state from Gaza over the weekend. Prices stabilised on Monday morning, but the global Brent oil benchmark appeared to be grinding back up toward $90 a barrel in the afternoon.
No oil is produced in the Gaza area, and Israel produces only a small amount of oil for its own use, energy analysts noted.
