Oil prices jump as Middle East violence roils markets

BEIJING - Oil prices jumped more than $3 a barrel in early Asian trade on Monday, as dramatic military clashes between Israeli and Hamas forces over the weekend deepened political uncertainty across the Middle East.

Palestinian Islamist group Hamas on Saturday launched the largest military assault on Israel in decades, killing hundreds of Israelis and triggering a wave of retaliatory Israeli air strikes on Gaza that continued through Sunday. A normalisation of Saudi-Israeli relations would likely freeze recent moves toward detente between Saudi Arabia and Iran.

The attacks drew condemnation from Western nations but were openly praised by Iran and by Hezbollah, Iran's allies in Lebanon.

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