Oil rises 4% on Palestine-Israel escalation

Brent and WTI brands have risen in price by 4% on Palestine-Israel escalation, according to data from trading platforms.

Report informs via Kommersant that Brent's December futures had reached $88.99 per barrel at London's ICE before falling to $87.98 (+4.02%) by 06.39 am Baku time. At New York exchange, the WTI brand is trading at $86.35 (+4.3%) per barrel.

ANZ Group's experts believe that the key for the market is whether the conflict will be limited to the current areas or spread to other regions especially Saudi Arabia. Fears are also rising about the US and Iran's joining the conflict.