Oil price spikes on Israel war. Here’s what a wider conflict might mean

News Snapshot:

London CNN — Global oil prices climbed 4% Monday over fears that the unprecedented weekend attack on Israel by Hamas could escalate into a regional conflict embroiling oil-producing nations. Global energy markets have been on a rollercoaster in recent weeks. Following months of rising prices — driven mostly by production cuts by Saudi Arabia and Russia — Brent logged its sharpest weekly fall since March Friday as traders anticipated a drop in demand. Yet oil prices might now be at the start of a sustained resurgence, analysts say. But why — if Israel doesn’t produce any oil — are traders...