Iran’s foreign minister called for a full and immediate boycott of Israel by Muslim countries, including an oil embargo on the country.
While Israel’s oil imports are small in the context of global supply, and little of them come from the Middle East, the comments marked a verbal escalation over the war between Israel and Hamas. West Texas Intermediate leaped higher to trade near $US90 a barrel, before paring some of those gains.
A Palestinian girl carries a blankets as she walks past the site of a deadly explosion at al-Ahli hospital, in Gaza City.The comments follow a blast at a hospital in Gaza City that killed hundreds. Leaders of Jordan, Egypt and the Palestinian Authority cancelled a summit with US President Joe Biden, complicating his push to ensure the Israel-Hamas conflict doesn’t widen across the region. Biden arrived in Israel early Wednesday.
“Traders are watching closely for any sign the conflict is spilling over in ways that could have a big supply impact,” said Richard Bronze, an analyst at consultant Energy Aspects, adding that Israel mostly gets its oil from outside the Middle East and North Africa region. “But calls for an embargo will add to the comparisons to the 1970s crises that were already being discussed in the market, even if the impact is mostly symbolic for now.
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