Crude prices jump following Israeli military strike

World oil prices rallied on Wednesday as dealers seized on news that Israel had killed a top Hamas commander in an air strike, stoking geopolitical tensions in the crude-rich Middle East region.

In late afternoon London deals, Brent North Sea crude for delivery in December spiked $1.58 to $109.84 per barrel.

New York's main contract, light sweet crude for December or West Texas Intermediate (WTI), gained 87 cents to $86.26 a barrel.

"Crude oil prices have jumped back once again after news of fire fights breaking out in the Middle East as Israel launched an airstrike on Gaza killing a Hamas commander, in retaliation for rocket attacks on Israel earlier this week," said CMC Markets analyst Michael Hewson.

"This has prompted retaliatory action and reignited the geopolitical risk premium trade over supply concerns in the event of an escalation, as talk of an Israeli ground operation gains traction."

A top Hamas commander was among seven people killed in more than 20 Israeli air strikes on the Gaza Strip on Wednesday, as Israel began an operation targeting militant groups.

Ahmed Jaabari, the operational commander of Hamas's armed wing, the Ezzedine al-Qassam Brigades, was killed alongside his bodyguard, Mohammed al-Hams, in an initial Israeli strike on a car in Gaza City which took place just before 4:00 pm (1400 GMT), the Islamist movement said.

Shortly afterwards, Israel pounded the Gaza Strip with another 20 air strikes, killing five more people, two of them children, Hamas health minister Mufid Mukhalalati said in a televised press conference at Gaza City's Shifa hospital.

He said another 30 people had been injured in the wave of strikes on targets across the territory which hit Gaza City, the northern town of Beit Lahiya and the southern city of Khan Yunis.

"The Israeli occupation has carried out more than 20 air strikes on targets and headquarters of the police and security in the Gaza Strip," interior ministry spokesman Islam Shahwan told AFP.

Hospitals and medical centres across Gaza were put on high alert after the initial strikes as Israel warned the hit on Jaabari was only "the beginning" and said "a significant number" of militant arms dumps were within civilian and residential areas.

The attacks came after a flare-up in violence between Israel and Gaza-based groups, which saw more than 120 rockets fired from the Palestinian territory into the Jewish state, and Israeli air strikes and shelling that killed seven people.

In earlier deals on Wednesday, the oil market won modest gains as dealers took their direction from the weaker dollar, but sentiment remained cautious over fears surrounding the US and eurozone economies, analysts said.

The weaker greenback makes dollar-priced crude cheaper for buyers using stronger currencies. That tends to increase demand and support higher price levels.

Oil traded mixed in Asia amid concerns over that the US fiscal cliff of tax hikes and spending cuts could tip the world's biggest economy into recession -- and potentially ravage energy demand.

The looming fiscal cliff has dogged financial markets since the re-election last week of US President Barack Obama.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • Euro rises as markets tread water before Yellen speech AFP - 14 minutes ago

    The euro rose slightly on Thursday against the dollar, the yen and the British pound while investors awaited Friday's keynote address from US Fed chief Janet Yellen. Towards 2100 GMT, the euro was at $1.1281, ... … More »

  • Vegas stadium backers down to 2 top sites for Raiders
    Vegas stadium backers down to 2 top sites for Raiders Associated Press - 28 minutes ago

    Backers of a proposed NFL stadium said they've whittled their list to two sites just west of the Las Vegas Strip and refuse to accept any less than $750 million in public funding toward the project, which ... … More »

  • Oil up on U.S.-Iran scare, dollar; Saudi output stance cuts gains
    Oil up on U.S.-Iran scare, dollar; Saudi output stance cuts gains Reuters - 38 minutes ago

    Oil prices rose 1 percent on Thursday on U.S.-Iran military tensions in the Gulf and speculation the dollar will fall on a monetary policy speech due from the U.S. Federal Reserve chair. The market, however, gave back some gains after an interview … More »

  • Health care sector pulls stock market lower again
    Health care sector pulls stock market lower again Associated Press - 43 minutes ago

    Stocks fell in light trading for a second day on Thursday as investors sifted through a mix of earnings reports. The major indexes wavered between small gains and losses in the morning, then moved lower ... … More »

  • Antrim reports 2Q loss Associated Press - 44 minutes ago

    On a per-share basis, the Calgary, Alberta-based company said it had a loss of 1 cent. Earnings, adjusted for asset impairment costs, came to less than 1 cent on a per-share basis. In the final minutes ... … More »

  • Oil up on U.S.-Iran scare, dlr; Saudi output stance cuts gains
    Oil up on U.S.-Iran scare, dlr; Saudi output stance cuts gains Reuters - 46 minutes ago

    Oil prices rose 1 percent on Thursday on U.S.-Iran military tensions in the Gulf and speculation the dollar will fall on a monetary policy speech due from the U.S. Federal Reserve chair. The market, however, gave back some gains after an interview … More »

  • How the Dow Jones industrial average fared on Thursday Associated Press - 51 minutes ago

    Stocks closed lower on Thursday, led by declines in health-care companies as investors worry about a backlash in Washington against recent price increases for key drugs. A few retailers reported disappointing ... … More »

  • Earliest China Tea Leaves Signal Weakening Business Sentiment Bloomberg - 58 minutes ago

    China’s policy makers have refrained from across-the-board monetary stimulus in recent months and switched to reining in risks emerging in the bond and property markets. “Both domestic and export demand remained sluggish, and unfavorable weather … More »

  • China’s Biggest Cities Said to Plan Curbs to Tame Property Boom Bloomberg - 58 minutes ago

    Beijing and Tianjin are also contemplating new measures to rein in prices, according to three of the people. China’s top leaders, after a Politburo meeting led by President Xi Jinping last month, pledged to curb asset bubbles amid a renewed focus … More »

  • Hong Kong Regulator Wants a Tighter Grip on IPOs in Blow to HKEx Bloomberg - 58 minutes ago

    While the Securities and Futures Commission and Hong Kong Exchanges & Clearing Ltd. have stated publicly that they’re working together on a new regime to approve IPOs, brokers and lawmakers say the proposal would shift power toward the regulator. … More »

  • Zayo Group reports 4Q loss Associated Press - 1 hour 0 minutes ago

    On a per-share basis, the Boulder, Colorado-based company said it had a loss of 13 cents. Earnings, adjusted to extinguish debt, were 1 cent per share. The results met Wall Street expectations. The average ... … More »

  • Exclusive - Exchange Bats eyes new EU base outside London after Brexit
    Exclusive - Exchange Bats eyes new EU base outside London after Brexit Reuters - 1 hour 2 minutes ago

    Europe's biggest stock exchange Bats Europe could open a base outside London following Brexit, its head told Reuters, voicing doubts about whether the City of London would secure sufficient access to the European market. Bats Europe accounts for … More »

  • Kerry arrives in Geneva for Syria talks with Lavrov
    Kerry arrives in Geneva for Syria talks with Lavrov AFP News - 1 hour 3 minutes ago

    US Secretary of State John Kerry arrived in Geneva late Thursday for a meeting with his Russian counterpart Sergei Lavrov to discuss the situation in war-ravaged Syria. Earlier Thursday, the UN special envoy for Syria Staffan de Mistura described … More »

  • US stocks edge lower ahead of Yellen speech AFP - 1 hour 9 minutes ago

    US stocks finished lower on Thursday ahead of a much-awaited speech by Federal Reserve Chair Janet Yellen that analysts hope will clarify the Fed's policy stance. Health care and pharmaceutical shares ... … More »

  • Hedge Funds Suddenly Winning on China’s Most Dangerous Short (1) Bloomberg - 1 hour 15 minutes ago

    After suffering through a 953 percent rally in shares of Yirendai Ltd. since mid-February, hedge funds and other bearish speculators were rewarded over the past four days as the Chinese peer-to-peer lender sank 35 percent in U.S. trading. Holding … More »

  • Net 1 UEPS posts 4Q profit Associated Press - 1 hour 17 minutes ago

    The Johannesburg-based company said it had profit of 48 cents per share. Earnings, adjusted for one-time gains and costs, came to 51 cents per share. The payments company posted revenue of $151.3 million ... … More »

  • Vivendi keeps negotiating with Mediaset despite public spat - sources
    Vivendi keeps negotiating with Mediaset despite public spat - sources Reuters - 1 hour 31 minutes ago

    PARIS/MILAN (Reuters) - French media giant Vivendi (VIV.PA) and Italian broadcaster Mediaset (MS.MI) are negotiating behind closed doors to forge an alternative partnership despite an ongoing war of words over a disputed pay-tv deal, three sources … More »

  • QAD Inc. posts 2Q profit Associated Press - 1 hour 33 minutes ago

    On a per-share basis, the Santa Barbara, California-based company said it had net income of 3 cents. Earnings, adjusted for stock option expense and amortization costs, were 15 cents per share. The manufacturing ... … More »

  • QAD posts 2Q profit Associated Press - 1 hour 37 minutes ago

    On a per-share basis, the Santa Barbara, California-based company said it had profit of 3 cents. Earnings, adjusted for stock option expense and amortization costs, were 15 cents per share. The enterprise ... … More »

  • Wall St. slips on healthcare, consumer names; Fed eyed
    Wall St. slips on healthcare, consumer names; Fed eyed Reuters - 1 hour 37 minutes ago

    U.S. stocks were modestly lower on Thursday, weighed down by a drop in healthcare and consumer names, while financials advanced slightly after two more Federal Reserve officials pushed the case for a rate hike. Healthcare stocks, down 0.8 percent, … More »

  • Turkey shells Kurdish fighters in Syria after warning
    Turkey shells Kurdish fighters in Syria after warning AFP News - 1 hour 43 minutes ago

    Turkey on Thursday shelled Kurdish militia fighters in Syria on the second day of a major military operation inside the country, saying they were failing to observe a deal with the US to stop advancing in jihadist-held territory. Turkey says … More »

  • Markets Right Now: Health care pulls stocks lower again Associated Press - 1 hour 48 minutes ago

    The latest on developments in global financial markets (all times local): 4:00 p.m. More declines in health care stocks are pulling indexes lower on Wall Street. Biotechnology companies continued to fall ... … More »

  • Deals of the day- Mergers and acquisitions Reuters - 1 hour 57 minutes ago

    ** Tesla Motors Inc has won U.S. antitrust approval to buy solar panel installer SolarCity Corp, the Federal Trade Commission said on Thursday. ** British broadcaster ITV said on Thursday it would not bid for Entertainment One after failing to … More »

  • Grain lower, livestock lower Associated Press - 2 hours 25 minutes ago

    Grain futures were mostly lower Thursday on the Chicago Board of Trade. Wheat for Sept. fell 2.75 cents at $4.0125 a bushel; Sept. corn lost 4 cents to 3.2350 a bushel; Sept. oats was up 3.50 cents at ... … More »

  • Turkey enters Syria to halt Kurds: analysts
    Turkey enters Syria to halt Kurds: analysts AFP News - 3 hours ago

    Turkey's decision to send troops into Syria is a last-ditch bid to prevent the realisation of its worst nightmare: the creation of a "Syrian Kurdistan", analysts say. On Wednesday, Ankara launched operation "Euphrates Shield", dispatching tanks and … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.128-0.001-0.78%
    N21.SI
    0.355-0.010-2.74%
    E5H.SI
    0.59-0.01-1.67%
    5TP.SI
    1.00+0.01+1.01%
    Y92.SI
    0.785-0.010-1.26%
    BS6.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.45+0.09+26.76%
    AYB.SI
    0.465+0.080+20.78%
    E8Z.SI
    0.16+0.02+14.29%
    UV1.SI
    0.20+0.02+11.11%
    BGO.SI
    0.188+0.018+10.59%
    AWS.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.35-0.10-22.22%
    BFK.SI
    0.185-0.040-17.78%
    Y35.SI
    0.40-0.06-13.04%
    BBW.SI
    0.20-0.03-13.04%
    AWI.SI
    0.194-0.026-11.82%
    BLZ.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3531-0.0002-0.01%
    USDSGD=X
    1.5268+0.0001+0.01%
    EURSGD=X
    1.7843+0.0006+0.03%
    GBPSGD=X
    74.2410-0.032-0.04%
    SGDJPY=X
    5.7280-0.00010.00%
    SGDHKD=X
    2.9640-0.0129-0.43%
    SGDMYR=X
    9,818.5850+35.3438+0.36%
    SGDIDR=X
    4.9203+0.007+0.14%
    SGDCNY=X
    1.0301-0.0005-0.05%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,325.10-4.60-0.35%
    GCZ16.CMX
    18.50-0.05-0.27%
    SIU16.CMX
    96.51+1.17+1.23%
    ^XAU
    2.080.00+0.05%
    HGU16.CMX
    47.38+0.61+1.30%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.16+0.01
    ^FVX
    1.58+0.02
    ^TNX
    2.26+0.02
    ^TYX