Oil prices climb as Israel-Gaza conflict escalates

04:21

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War on Gaza

Oil prices climb as Israel-Gaza conflict escalates

Oil prices continue to climb, gaining another 1% on fears that the Israel-Gaza conflict may spill over. The tensions are feared to disrupt supplies from one of the world's top-producing regions, including Saudi Arabia, Iraq, and Iran. The price of Brent has already increased 8% since the 7th of October, and the cost of European gas has also been reacting to the news, rising 47%. By contrast, the price of gold, a so-called safe haven, has been advancing, as investors flock to more traditional assets. The precious metal rose to a more than two-month peak on Wednesday.