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Middle East conflict: Oil prices climb as violence escalates - SKYNEWS
The market value of the benchmark Brent crude increased to almost $80 (£61) a barrel on Monday amid fears over supplies from the oil-rich region.
The price of oil has hit a six-week high amid fears over the escalating conflict in the Middle East.
The market value of the benchmark Brent crude increased to almost $80 (£61) a barrel on Monday, following last week's gains of 9.1%.
Israel's actions against Hamas in Gaza, Hezbollah in Lebanon, the Houthis in Yemen and the ultimate sponsors of these groups, Iran, have proved a catalyst for oil price spikes since the 7 October attack on Israel in 2023.
However, prices have been calmer in recent weeks amid concern over weakened global demand, including from China, and by markets pricing in potential risks such as further disruption to shipping from the conflict in the oil-rich region.
But the situation has now changed following Israel's ground offensive in Lebanon.
