Oil gains amid geopolitical tensions in the Middle East
Brent crude’s price has moved higher after the Israeli military launched an airstrike in Doha, marking Israel’s first direct attack on Qatari soil.
IMAGE: Flags of Israel and Qatar. Getty Images
While no oil production or storage facilities were hit, the attack has heightened concerns of a broader geopolitical flare-up in the Middle East, a region vital to global energy flows, according to market analysts.
“Crude oil prices gained amid rising tensions in the Middle East,” said ANZ Bank’s senior commodity strategist Daniel Hynes.
The Israel Defense Forces (IDF) has claimed that the airstrike targeted “senior leadership of the Hamas terrorist organization.”
In contrast, Hamas officials said that its top leaders survived the airstrike and that five lower-ranking members were killed, the Associated Press (AP) reported.
The US is dependent on Qatar as a mediator with the Iran-aligned Hamas armed group. Besides, Qatar hosts the Al Udeid Air Base, which is one of the largest US military facility in the Middle East.
US President Donald Trump is "not thrilled" after Israel carried out the strike in Doha, the BBC quoted him as saying.
An Israeli strike on Qatari territory raises fresh security concerns and “stands to jeopardise US efforts to broker a peace deal between Israel and Hamas,” Hynes added.
By Aparupa Mazumder
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