Crude prices surged to $89 a barrel over concerns that Iran could be implicated in Hamas’s attack on Israel, with the possibility of strict enforcement of US sanctions threatening to reverse an increase in Iranian oil exports this year.
US officials have yet to confirm any such connection, and on Sunday US secretary of state Antony Blinken told CNN that “we have not yet seen evidence that Iran directed or was behind this particular attack”.
But on Monday, Brent crude, the international oil benchmark, jumped as much as 5.2 per cent to $89 a barrel in early trading in Asia.
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