WASHINGTON (dpa-AFX) - Oil prices rose sharply on Monday amid rising possibility of disruptions in supply in the Persian Gulf due to the escalation in tensions in the Middle East.
West Texas Intermediate Crude oil futures for November ended up by $2.76 or about 3.71% at $77.14 a barrel, the highest close in nearly 8 weeks.
Brent crude futures climbed to $80.93 a barrel, gaining $2.88 or 3.69%.
It is feared that a broader regional conflict in the Middle East could lead to long-term disruptions in the oil markets.
According to reports, Israeli defense forces intensified air strikes targeting Gaza and the Lebanese capital of Beirut simultaneously on the first anniversary of Hamas' cross-border attack in Israel, which triggered the Middle East war.
Several people were killed in air strikes on a mosque and a now defunct school, which were converted as refugee relief shelters Sunday, according to Gaza's Hamas-run health ministry. The Israeli military says Hamas militants were hiding there.
OPEC and allies, collectively known as OPEC+, are due to start raising production from December after cutting in recent years to support prices because of weak global demand.
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