Crude Oil Prices Surged
**London: 16 October 2023 (TraderMade):** As Israel takes its stand to demolish Hamas, the financial markets, especially crude oil, saw a surge last Friday, 13 October.
The oil benchmarks, Brent crude, and WTI experienced a 6% hike last Friday. This sudden rise indicates the impact of geopolitics on commodities markets.
## Crucial Oil Benchmarks Boosting Brent Crude (UKOIL) was $84.636/barrel on 12 October. Now, it is trading at $89.204/barrel (Around 3 PM GMT).
West Texas Intermediate (WTI - ticker symbol: OIL) crude closed at $82.452/barrel on 12 October. On Monday, 16 October, it was at $85.66/barrel.
Investors are assessing the repercussions of the conflict. A significant ground offensive has yet to commence, even after Israel's initial 24-hour notice for residents in the northern half of Gaza to relocate southward.
The ongoing conflict between Hamas and Israel is seen as a critical geopolitical threat to oil markets, comparable to the situation in Ukraine last year. Israeli airstrikes in Gaza have escalated as attempts to secure a ceasefire and facilitate aid delivery in southern Gaza have faltered.
