Oil price surges 5% as attack on Israel prompts escalation fears
Oil prices jumped and stock markets around the world mostly slumped fter deadly attacks by Hamas from the Gaza Strip prompted Israel to declare war. The price of a barrel jumped by almost $5 on Monday, mostly on concerns that the volatile situation could ensnare more countries in the Middle East.
![Oil price surges 5% as attack on Israel prompts escalation fears](https://i.cbc.ca/1.6990836.1696856698!/fileImage/httpImage/image.jpg_gen/derivatives/16x9_620/tel-aviv-stock-exchange.jpg)
![A stock market ticker displays financial information to pedestrians outside the entrance to the Tel Aviv Stock Exchange (TASE) in Tel Aviv, Israel, on Thursday, Aug. 4, 2016. As part of a planned overhaul to keep the bourse alive and relevant to its robust high tech-based economy, the Tel Aviv Stock Exchange plans to join most of the world on a Monday-to-Friday schedule to lure foreign traders, after 63 years of being open Sunday-to-Thursday. Photographer: Rina Castelnuovo/Bloomberg A woman is shown outside the Tel Aviv Stock Exchange building.](https://i.cbc.ca/1.6990836.1696856698!/fileImage/httpImage/image.jpg_gen/derivatives/16x9_620/tel-aviv-stock-exchange.jpg)
Oil prices jumped and stock markets around the world mostly slumped fter deadly attacks by Hamas from the Gaza Strip prompted Israel to declare war. The price of a barrel jumped by almost $5 on Monday, mostly on concerns that the volatile situation could ensnare more countries in the Middle East.