The flare-up came after an explosion at a Gaza hospital fueled investors’ fears that the crisis in the Middle East will escalate.
AdvertisementAdvertisementOil prices flared up again Wednesday after a devastating explosion at a hospital in Gaza fueled investors' fears that the ongoing crisis in the Middle East will escalate.
The commodity's next move will be driven by how Joe Biden responds to the hospital explosion, according to analysts.
"Oil prices rallied 2% following the deadly explosion at the Gaza hospital as it boosts tensions across the Middle East just before the arrival of US President Joe Biden," deVere Group CEO Nigel Green said.
AdvertisementAdvertisement"Clearly, the US is a major influence in the Middle East due to its economic interests, military presence, national security concerns, strategic alliances, and diplomacy efforts," he added.
Persons:
Brent, —, Joe Biden, Biden, Jordan, Nigel Green, –
Organizations:
Service, West Texas, Hamas
Locations:
Gaza, Israel, Palestine, Iran, Saudi Arabia, East