Oil spikes as hospital blast amplifies Middle East tensions
London: Oil prices surged nearly 2 per cent 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 was up $1.55, or 1.7 per cent, to $91.45 a barrel at 0810 GMT. West Texas Intermediate crude (WTI) futures were up $1.66, or 1.9%, at $88.32 a barrel.
Both benchmarks gained more than $2 to touch their highest levels in two weeks earlier in the session.
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.
