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JERUSALEM/GAZA - Hamas' assault on Israel drove oil prices higher on Monday as markets priced in fears of a wider conflict in the Middle East, a day after Israel pounded the Palestinian enclave of Gaza in retaliation for one of the bloodiest attacks in its history.
The violence fuelled volatility on global markets on Monday, with concerns about possible disruptions to supplies from Iran, helping to drive Brent crude up $4.18, or 4.94%, to $88.76 a barrel by 0120 GMT in Asian trade. Appeals for restraint came from around the world, though Western nations largely stood by Israel, while Iranian President Ebrahim Raisi telephoned the Hamas chief to congratulate him for the"victory" and Hezbollah and protesters in various Middle Eastern nations lauded Hamas.
"I heard shooting, shouting in Arabic, I told them to lie on the ground and hold hands," he said, breaking down in tears.Israel's military, which faces awkward questions for not thwarting the attack, said it had regained control of most infiltration points along security barriers, killed hundreds of attackers and taken dozens more prisoner.
Israel has not released an official toll but its media said at least 700 people were killed in Saturday's attacks, children among them. Military spokesperson Daniel Hagari called it"the worst massacre of innocent civilians in Israel's history." The capture of so many Israelis, some pulled through security checkpoints or driven bleeding into Gaza, is another conundrum for Netanyahu after past episodes when hostages were exchanged for many Palestinian prisoners.
The shocking flare-up may undermine U.S.-backed moves towards normalising relations between Israel and Saudi Arabia - a security realignment that could threaten Palestinian hopes of self determination and hem in Hamas' main backer, Iran.
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