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 gained $2.07, or 2.3%, to $91.97 a barrel at 0225 GMT. West Texas Intermediate crude (WTI) futures were up $2.26, or 2.6%, at $88.92 a barrel.
Markets factored in risk premiums after about 500 Palestinians were killed in a blast at a Gaza City hospital on Tuesday that Israeli and Palestinian officials blamed on each other.
