Oil prices jump more than 3% in the wake of Hamas attack on Israel

Oil prices jumped more than 3% as the Israel-Hamas conflict extended into its third day following a surprise attack on Israel by Palestinian militants Hamas.

Oil traded 3.6% higher at $87.63 a barrel, while the U.S. West Texas Intermediate futures rose 3.7% to $85.85 per barrel.

At dawn on Saturday during a major Jewish holiday, Palestinian militant group Hamas launched a multi-pronged infiltration into Israel – by land, sea and air using paragliders. The attack came hours after thousands of rockets were sent from Gaza into Israel.

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