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Oil prices on rise amid Israel-Hamas war, Iran embargo call

Oil prices have risen to an extent following the start of the Israel-Hamas war, but further gains may be dependent on how the conflict plays out.
Shell's Brent Delta Topside offshore oil drilling rig platform.

Oil prices went above $90 a barrel again on Thursday following an increase in response to the Gaza hospital strike and Iran’s call for an oil embargo of Israel.

The price of Brent crude oil, considered the global benchmark for oil prices, rose from around $89.25 a barrel on Tuesday to well above $91 that evening. The price broke $92 a barrel on Wednesday. On Thursday, it fell back below $90 before rising above $93 a barrel as of 4:00 p.m. ET.

A blast occurred at the al-Ahli hospital in Gaza City on Tuesday. Hamas authorities blamed an Israeli airstrike, but the Israel Defense Forces said they were not responsible and that a failed rocket launch from Islamic Jihad caused the blast — a position shared by the US government. The hospital strike nonetheless caused widespread outrage against Israel in the Middle East.

On Wednesday, Iranian Foreign Minister Hossein Amir-Abdollahian called on members of the Organization of Islamic Cooperation to place an oil embargo on Israel. The diplomat made the statement during a meeting of the organization in Saudi Arabia.

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