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TOKYO - Oil prices eased in early Asia trade on Monday, reversing last Friday's rally as investors waited to see if the Israel-Hamas conflict draws in other countries, which could drive up prices further and deal a fresh blow to the global economy.
Both benchmarks rose nearly 6% on Friday, posting their highest daily percentage gains since April, as investors priced in the possibility of a wider Middle East conflict. The conflict in the Middle East has had little impact on global oil and gas supplies, and Israel is not a big producer. Israel's Prime Minister Benjamin Netanyahu vowed on Sunday to"demolish Hamas" as his troops prepared to move into the Gaza Strip in pursuit of Hamas militants whose deadly rampage through Israeli border towns shocked the world.
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