Ella 
In Asia on Monday, WTI oil prices jumped more than 4%, hitting their highest level in three days, briefly regaining the $85 mark.
WTI oil prices rose as the Middle East conflict between Hamas and Israel continues to escalate and the market is worried about the potential impact on global oil supplies.
Last weekend, the Gaza-based Hamas armed group launched military attacks on Israel. In retaliation, Israel declared war on Gaza and launched air strikes on the Hamas enclave.
The market is worried that the military conflict between Hamas and Israel may spread to other parts of the Middle East. Iran, a major oil producer and a major backer of the Hamas group, may back Hamas by threatening to close the Strait of Hormuz, a vital shipping artery that connects the Persian Gulf to the high seas. The only sea passage.
At the same time, the Saudi state news agency said on Sunday that WTI oil prices also fell in early Asian trading on Monday after Bahrain, Iraq, Kuwait, Oman, Saudi Arabia and the United Arab Emirates reiterated their commitment to “collectively and individually voluntary adjustments” to oil production. Buying appears.
The move comes a week after the OPEC+ group agreed in June to extend until the end of 2024 voluntary oil production cuts first launched in April.
