Threat of War Causes Energy Rally

Oil prices are rising due to concerns that a conflict between Israel and Hamas could worsen and disrupt oil supplies. The price increase follows an Israeli airstrike that killed the sons of a Hamas leader, raising fears of Iranian retaliation. The U.S. has pledged to support Israel if Iran attacks it.
Following the Israeli bombing of the Iranian Embassy in Damascus, the threat of widespread conflict appears to have reached an apex, causing significant price action across the energy sector. News continues to unfold in the region, and yesterday’s oil rally could signify the beginning of increased prices if tensions continue to grow.

Read more at: https://www.reuters.com/business/energy/oil-steady-us-crude-stock-build-offsets-middle-east-uncertainty-2024-04-10/