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Hong Kong, China – Oil prices soared more than four percent Monday after Hamas launched an attack on Israel at the weekend, sparking concerns about possible supply shocks from the crude-rich region.
The surprise attack and Israel’s declaration of war in response to it have left more than 1,000 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran. “Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected.”
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