The Israel-Hamas conflict is causing a surge in fuel prices, with crude oil prices experiencing a notable increase on the international market. On Sunday, October 8th, fuel prices surged by over $3 per barrel, reported by Reuters.
The ongoing conflict has created political instability in the Middle East, leading to heightened concerns in the market regarding fuel supply and subsequently resulting in higher prices. The international benchmark for crude oil, Brent, witnessed a significant rise of 3.67 % or $3.10 cents on ICE Futures, ultimately settling at $87.68 per barrel.
Conversely, the standard U.S. market price for West Texas Intermediate (WTI) on the New York Mercantile Exchange (NIMEX) decreased by $3.26 cents, or 3.94 %, settling at $86.50 per barrel. In both markets, prices climbed by more than $3 per barrel.
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