Crude oil prices surged after Hamas leader was killed in Iran

Ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) on Thursday, oil prices jumped on Wednesday morning following reports that Hamas leader Ismail Haniyeh had been killed in Iran.

A barrel of US WTI crude rose 2.47% to $77.20 while Brent crude rose 2.04% to $80.67.

Hamas confirmed Haniyen’s death, claiming he was killed in a “traitorous Zionist” attack on his residence in Tehran.

Haniyeh was in Iran to attend the inauguration ceremony of the country’s new president.

READ ALSO: UN chief urges Israel, Hamas to end war in Gaza

He was killed a day after Israel killed senior Hezbollah commander Fuad Shukr in an airstrike in Beirut, Lebanon.

Expectations of an escalation have consistently pushed oil prices higher after hitting a seven-week low on Tuesday.

By: Babajide Okeowo

Crude oil prices surge after killing of Hamas leader in Iran first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.