Oil prices surge on Israel-Hamas clashes

Oil prices surged more than 2% on Monday as military clashes between Israel and the Palestinian Islamist group Hamas ignited fears of a wider conflict in the Middle East.

Brent crude was up $2.28, or 2.7%, 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%. 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% and WTI retreated more than 8% as a darkening macroeconomic outlook intensified concerns about global demand.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

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Union Jack Oil expands into USA with three mineral royalty packages

Union Jack Oil plc (LON:UJO), a predominantly UK onshore focused production, development and exploration company, has announced details of its initial expansion into the United States of America, with the purchase of three Mineral Royalty packages, brokered by