Oil prices surged more than 2 percent on Monday as military clashes between Israel and the Palestinian group Hamas ignited fears of a wider conflict in the Middle East.
Brent crude was up $2.28, or 2.7 percent, to $86.86 a barrel by 0859 GMT, while US West Texas Intermediate crude was at $85.23 a barrel, up $2.44 or nearly 3 percent. Both benchmarks spiked by more than $4 a barrel earlier in the session.
The surge in oil prices reversed last week’s downtrend — the largest weekly decline since March — in which Brent fell about 11 percent and WTI retreated more than 8 percent as a darkening macroeconomic outlook intensified concerns about global demand.
Wildcat Petroleum plc (LON:WCAT) was incorporated in early 2020, with plans to work and invest in the upstream sector of the petroleum industry – namely exploration, appraisal, development and production of oil and gas.