Oil Prices Rise Over 1% After Israeli Strike on Hamas in Qatar

Oil prices surged over 1% following an Israeli military strike targeting senior Hamas leaders in Doha, Qatar, marking a significant escalation in the Middle East conflict. The attack, condemned by Qatar as a violation of international law, occurred amid ongoing ceasefire talks and has been described by analysts as a major setback to fragile diplomatic efforts to resolve the Palestinian conflict. Brent crude rose to nearly $67 per barrel and U.S. West Texas Intermediate climbed above $63, driven also by smaller-than-expected OPEC+ output increases and continued Chinese oil stockpiling. The strike targeted Hamas leadership based in Doha, with Israel’s military confirming a precise attack, while regional countries including Iran, Saudi Arabia, the UAE, and Turkey condemned the operation. Experts warn the escalation could provoke stronger reactions from Arab nations, further destabilizing the region and complicating prospects for peace. Alongside geopolitical tensions, oil markets are also influenced by expectations of U.S. Federal Reserve interest rate cuts and revised employment data suggesting a weakening labor market.