Oil prices spike as G7 enforces Russian export price caps, Israel-Hamas war continues

News Snapshot:

Oil prices jumped as much as 5% on Friday amid the Israeli-Hamas war and a clampdown by the US on Russian crude export price caps. On Friday afternoon, West Texas Intermediate (CL=F) and Brent International (BZ=F) were trading 5% higher at around $87 and $90 per barrel, respectively. The spike comes as Israel launches counterattacks against Hamas and warns residents of northern Gaza to evacuate their homes. The Oct. 7 surprise attack on Israel by the Palestinian Islamist group Hamas has sparked worries of the conflict broadening to other participants, including Iran. "The oil market may be anticipating that the...