Oil prices jump as Middle East violence roils markets

Brent crude rose $3.34, or 3.95%, to $87.92 a barrel by 2320 GMT, while U.S. West Texas Intermediate crude was at $86.23 a barrel, up $3.44, or 4.16%.on Israel in decades, killing hundreds of Israelis and triggering a wave of retaliatory Israeli air strikes on Gaza that continued through Sunday.between Saudi Arabia and Israel, in which the kingdom would normalise ties with Israel in return for a defence deal between Washington and Riyadh.

"Increasing geopolitical risk in the Middle East should support oil prices... higher volatility can be expected" analysts from ANZ Bank said in a client note.Market attention has turned to the possibility of Iranian involvement in the attacks, which Israeli authorities have already alleged.

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