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Oil Markets in the Crossfire
Crude oil prices (/CLV3) advanced 4.34% on Monday in the first full day of trading since the militant group Hamas attacked Israel. That marked the biggest one-day percentage gain since April. The geopolitical risks now being injected into the market are underpinned by an already tight supply situation amid supply constraints and a resilient global economy. In 1973, Arab countries, led by Saudi Arabia, placed an oil embargo on certain countries that supported Israel in the Yom Kippur War. That sent oil prices surging nearly 300% and was a big shock to the global economy. The world energy market is a different place ... (full story)