Oil prices surged 4% on Monday, recouping some of the steep losses last week, as military clashes between Israel and the Palestinian Islamist group Hamas ignited fears that a wider conflict could affect oil supply from the Middle East.
Brent crude was up $3.24, or 3.8%, to $87.85 a barrel by 11 a.m. ET (1500 GMT), while U.S. West Texas Intermediate crude was at $86.19 a barrel, up $3.40 or about 4.1%.
