UKOil jumps more than 3% as US extends sanctions and Middle East conflict rages
UKOil retraced significantly towards its end-of-August low (green dashed horizontal) before finding support. Monday saw significant upside when the market opened following Saturday’s brutal attack by Hamas on Israel and the start of a new Middle East conflict. Nerves still abound that the conflict may spread in the region affecting supply lines, and risk premiums are keeping the oil price supported.
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