The price of oil has risen on fears of heightened tension in the Middle East following Israel's offensive in the Gaza Strip.
US light, sweet crude was up 86 cents to $47.20 a barrel, although it had reached $48.68 earlier on Monday. The price of Brent crude was up 61 cents to $47.52 a barrel.
"The Gaza conflict added to the geopolitical risk premium embodied in the oil price," said David Moore of Commonwealth Bank of Australia.
Oil prices rose following a report that an Iranian military commander had called for Islamic countries to cut oil exports to Israel's supporters.
Traders have also been worried about the continuing gas dispute between Russia and Ukraine. Several EU countries have reported a drop in supplies after Russia cut off gas to Ukraine on New Year's Day in a row over unpaid bills and a new price contract.
I think that the conflict betwen this countries will be long. The Islam and Russia are who have the control of the oil, but i don't agree whit Islam has make to Israel's supporters, and Russia to Ukraine.
While this conflict lasts, the price of the oil won't stop to change.
ornella
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First, I totally agree with this news. I say that if you do not agree Islam and Russia, the oil price is constantly changing. I over the conflict in the Gaza Strip.
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