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Crude oil risks mount as Hamas ruptures Middle East detente: Russell
Crude oil prices spiked higher in the wake of a massive Hamas attack on Israel, but the relatively modest increase masks the risk of an escalating Middle East conflict. Global benchmark Brent crude futures LCOc1 jumped as much as 4.1% in early Asian trade on Monday, reaching a high of $88.15 a barrel, up from the close of $84.58 on Oct. 6. The jump still leaves Brent contracts under the levels that prevailed for most of last week and below the recent one-year high of $97.69 a barrel, reached on Sept. 28. The early price action in the wake of the weekend attacks launched by Hamas militants from their Gaza stronghold ... (full story)