Oil Prices Rally After Hamas Attack Alters Geopolitical Risk Premium

Oil prices jumped by nearly 4% early on Monday after the weekend attack by Hamas on Israel rekindled tensions in the Middle East. The two major crude oil benchmarks were up by nearly 4% as of 8.40 a.m. EST, with Brent Crude up 3.42% at $87.50, and WTI Crude rising by 3.68% to $86.00. Oil prices recouped on Monday some of last week’s losses, which had accumulated amid concerns about demand and economies with higher-for-longer interest rates. The Saturday attack by Hamas on Israel and Israel’s declaration of war on Hamas reignited the…